Brad Edwards is earning $45,000 a year in a city located in the Midwest

Business Dec 09, 2020

Brad Edwards is earning $45,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cost of living 12 percent higher than where he currently lives. What is the minimum salary Brad would need at his new job to maintain the same standard of living?

Expert Solution

His current net income = $45,000

Cost of living in his desired job location = 12%

Therefore, the minimum new salary should be = $45,000 x 1.12 = $50,400

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