Social security recipients receive an automatic cost-of-living adjustment (cola) once each year. their monthly benefit is increased by the amount that consumer prices increased during the preceding year. suppose that consumer prices have increased by 5.4% during the preceding year.
(a) express the adjusted monthly benefit of a social security recipient as a function of his or her current monthly benefit.
i(x) =
(b) if harrington's monthly social security benefit is now $520, what will be his adjusted monthly benefit?
$