The following table gives information on the Consumer Price Index

The following table gives information on the Consumer Price Index and the monthly take-home pay of Bill Martin, an employee at Ford Motor Corporation, from 1982–84 and 2012.

The following table gives information on the Consumer Price Index

a. What is the purchasing power of the dollar in 2012, based on the period 1982–84?
b. Determine Mr. Martin’s “real” monthly income for2012.

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