Question: Question 3 (7 marks) Jane Smith is a freelance IT consultant. Her yearly wages for the years 2009 through 2014 are listed below. An industry

Question 3 (7 marks) Jane Smith is a freelance IT consultant. Her yearly wages for the years 2009 through 2014 are listed below. An industry index for computer programmers that reports the rate of wage inflation in the industry is also included. This index has a base of 1998.

Year

Wage ($ thousands)

Index (1998 = 100)

2009

$165

148.3

2010

167

140.6

2011

150

120.9

2012

128

110.2

2013

120

105.3

2014

131

105.0

(a) (5 marks) Compute Jane's real income for the period.

(b) (2 marks) Did her wages match the increase or decline in the industry?

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