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(Solved): The following table shows a person's nominal and real wages for three years, as well as th ...
The following table shows a person's nominal and real wages for three years, as well as the price level (price index) for each year, using the first year as the base year. Fill in the blanks in the table, and then calculate the annual inflation rate for each year (not including the base year). Instructions: Round your answers to 2 decimal places.
Expert Answer
Year= 1, 2, 3 Nominal wage= 7, 9, 12 Real wage= 5, 6, 7.5 Price level= 140, 150, 160 Inflation rate= Nil, 7.1