The real income was $4000 for a person, where as the CPI was 110,
calculate the nominal income of that person.
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Answer:
3636.36$
Step-by-step explanation:
Real Income =4000$
CPI=110
To find Nominal Income
Real Wage/Income = Nominal Wage /CPI × 100
Hence,
Nominal Wage = Real Wage × 100 / CPI
Now, Putting the values
=>Nominal Wage = 4000×100/110
= 3636.36364
= 3636.36$
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