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Smith's Income Was $50,000 in Year 1 and $55,600 in Year

Question 77

Multiple Choice

Smith's income was $50,000 in year 1 and $55,600 in year 2.The CPI was 114 in year 1 and 124 in year 2.What was the approximate percentage change in Smith's real income between the two years?


A) -2.2 percent
B) +3.4 percent
C) -1.7 percent
D) +5.6 percent
E) +2.2 percent

Correct Answer:

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