An engineer in 1950 was earning $6,900 a year. In 2017 she earned $89,000 a year. However, on average, prices in 2017 were higher than in 1950. What was her real income in 2017 in terms of constant 1950 dollars? Use the data in Table 5.8. (Round your answer to 2 decimal places.) CPI    Percent Change since 1950 1950   25.0                           1960   29.8                         +19.2% 1970   39.8                         +59.2% 1980   86.3                         +245.2    1990   133.8                       +435.2 2000   174.0                       +596.0 2010   219.2                       +776.8 2017    248.0                      +892.0

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Interest Rate

When you deposit your money with the bank, the deposit earns you some extra money at the end of the specific period – something more than what you deposited. That amount of money that the bank pays you for keeping the money with the bank is the “interest” and the percentage at which the bank pays you for your amount is called the “interest rate”.