Real and Nominal:Pleaseuse the following data AND your answer to this question to solve questions 25 and 26:

Change in real personal income:2%

Increase in real Gross Domestic Product (GDP):3%

Change in GDP (Gross Domestic Product) deflator:5%

Change in the Consumer Price Index (CPI):4%

Change in the Official Unemployment Rate (OUR):- 1%

To answer this question, write out the formula for the relationship between the rate of change of real personal income, the rate of change of nominal personal income and the inflation rate.Please use whole words except for abbreviations used above and mathematical symbols.Do NOT plug in the data above, you will do this to answer question 25:

Real and Nominal:Using the following data and your answer to question 24 to answer the question below:

Change in real personal income:2%

Increase in real Gross Domestic Product (GDP):3%

Change in GDP (Gross Domestic Product) deflator:5%

Change in the Consumer Price Index (CPI):4%

Change in the Official Unemployment Rate (OUR):- 1%

Plug in the numbers from the data above into your formula for real and nominal personal income in your answer to question 24.Please do NOT calculate the answer here, you will do the calculation in question 26:

Real and Nominal:Using your answer to question #25, calculate the rate of growth of nominal personal income.Please show your calculation :