Answered: Assuming that the inflation rate from…

Assuming that the inflation rate from 2017 through 2019 is 6% per year: a) What would be the real value of a $65,000 income in each of the three years? b) What does the real income for 2019 mean?

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter17: Inflation

Section: Chapter Questions

Problem 5SQ

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Assuming that the inflation rate from 2017 through 2019 is 6% per year:

a) What would be the real value of a $65,000 income in each of the three years?
b) What does the real income for 2019 mean?

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