The table below lists hypothetical CPI and wage values for the United States from different decades.

a. Complete the table by computing the real income for each year shown in the table.

Instructions:Round your answers totwo decimal places.

Nominal and Real Income

YearAverageNominal Wage(dollars)CPIAverageReal Wage(dollars)

1967 $7,227 34.3 $_____

1977. 13,908 61.8 $____.

1987 26,765. 116.3. $_____

1997. 38,191. 164.7 $____

2007. 50,749. 212.1. $____

2013. 53,588. 238.7. $____

Instructions:Enter the year using all four numbers (yyyy).

b. Of the years listed above, the paycheck of the average worker was highest in_____

c. Of the years listed above, the purchasing power of the average worker was highest in_____