Real and Nominal:Pleaseuse the following data to answer the questions 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%

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 in the answer question below:

Real and Nominal:Using the following data and the solution from the question above 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 this question.Please do NOT calculate the answer here, you will do the calculation in question below:

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