What is Babe Ruth’s salary today?
We can use something called the Consumer Price Index (CPI). It measures how much the price of goods and services has changed over time. It’s like a time machine for money!
Here’s how we can find out what Babe Ruth’s salary would be in today’s money:
1. Find his salary in 1931. Back then, Babe Ruth earned $80,000 a year.
2. Find the CPI for 1931 and the current year. We’ll use October 2022 for this example. The CPI in 1931 was about 15.2. The CPI in October 2022 was 298.2.
3. Divide the current CPI by the 1931 CPI: 298.2 / 15.2 = 19.62.
4. Multiply that number by Babe Ruth’s 1931 salary: 19.62 * $80,000 = $1,569,600.
That means Babe Ruth’s salary in 2022 dollars would be about $1.5 million per year.
Let’s break this down a bit more. It’s important to remember that the CPI only measures changes in the price of goods and services. It doesn’t account for other factors like changes in taxes, healthcare costs, or the overall economy.
Also, keep in mind that Babe Ruth’s salary was considered a superstar salary back in the 1930s. It was a huge amount of money, but it doesn’t necessarily reflect his actual value in today’s economy.
In other words, even though $1.5 million seems like a lot of money today, it might not be quite as much as it seems when you consider all the factors involved.
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