Choose the statement below that correctly compares the numbers 2.34 and 2.43.
1 answer:
You might be interested in
Answer:
$677.18
Step-by-step explanation:
Data provided in the question:
Bill’s nominal income in 1990 = $1,009 per month
CPI value in the year 1990 = 149
CPI value in the year 2017 = 192
Now,
The Consumer price index ( CPI ) is given as :
CPI =
thus,
for the given case of year 1990
149 =
or
Real income in 1990 =
or
Real income in 1990 = $677.18