Price inflation

This year the average wage grew by 4.5%. Prices rose by 2%. How much did the real wage increase in the given year?

Correct answer:

p =  2.41 %

Step-by-step explanation:

q1=1+4.5/100=209200=1.045 q2=12/100=4950=0.98 q=q1 q2=1.045 0.98=1.0241  p=100 (q1)=100 (1.02411)=241100=241100%=2.41%



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