Your Father Tells You He Earned $3

Multiple Choice

Your father tells you he earned $3.00 per hour when he was 16 in 1977; you remember making $6.00 per hour when you were 16 in 1999. Given that the CPI was 36.7 in 1977 and 166.1 in 1999, which of the following is the 1999 real equivalent of your father's hourly earnings when he was 16?

A) $4.48
B) $6.78
C) $13.58
D) $15.01