Use the information in the table to answer the question. Year 2015 2016 2017 2018 Nominal...
| Use the information in the table to answer the question. | ||||
| Year | 2015 | 2016 | 2017 | 2018 |
| Nominal Salary | $53,000 | $53,800 | $55,000 | $57,000 |
| Price Level | 120 | 123 | 128 | 131 |
| Real Salary | ||||
What was the Average per year % increase in REAL salary between 2015 and 2018 ?
-0.48%
-0.51%
-0.52%
-0.50%
Homework Answers
Nominal Growth in Salary = (57,000/53,000)1/3 - 1
Nominal Growth in Salary = 2.46%
Inflation Growth Rate = (131/120)1/3 - 1
Inflation Growth Rate = 2.97%
Real Growth in Salary = 0.0246 - 0.0297
Real Growth in Salary = -0.51%
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