Suppose the Cost-Of-Living Index Had Increased by 5% During Each

Multiple Choice

Suppose the cost-of-living index had increased by 5% during each of the past 9 yr and that a member of the EUW Union had been guaranteed an annual increase equal to 2% above the cost-of-living index over that period. What would be the present salary of a union member whose salary 9 yr ago was $37,000? Round your answer to the nearest cents. ​

A) $63,572.89
B) $68,022.99
C) $79,134.10
D) $72,784.60