I don’t understand how they got this answer. I thought the equation for real income was:Nominal income divided by CPI (in hundredths) For example: 30,000/1.0= a real income of $30,000. O * * 61% OThChromeFileEditView HistoryBookmarksPeopleTabWindow HelpSp McGraw Hill ConnectLS 3 - Inflation+A newconnect.mheducation.comPrinciples of EconomicsSUGGESTEDRESOURCESThe correct answer is shown.Suppose that nominal income is $5,000 and the CPI is 115. Real income is equal to $43. (Round off youranswer to the nearest whole number.)1. SlidestripX Sorry, your answer is incorrect.You wrote X 4,348 instead of v43.ChallengeOK2. Interactivevideo3. KaleidoscopeLibraryASSIGNMENT PROGRESS: LS 3 - Inflation 3%McGrawHillLoucationW

Real income can be calculate from the following formula Real income =Nominal incomeCurrent…

Answered: Suppose that nominal income is $5,000…

Suppose that nominal income is $5,000 and the CPI is 115. Real income is equal to $43. (Round off your answer to the nearest whole number.)

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Question

I don’t understand how they got this answer. I thought the equation for real income was: Nominal income divided by CPI (in hundredths) For example: 30,000/1.0= a real income of $30,000.

O * * 61% O
Th
Chrome
File
Edit
View History
Bookmarks
People
Tab
Window Help
Sp McGraw Hill Connect
LS 3 - Inflation
+
A newconnect.mheducation.com
Principles of Economics
SUGGESTED
RESOURCES
The correct answer is shown.
Suppose that nominal income is $5,000 and the CPI is 115. Real income is equal to $43. (Round off your
answer to the nearest whole number.)
1. Slidestrip
X Sorry, your answer is incorrect.
You wrote X 4,348 instead of v43.
Challenge
OK
2. Interactive
video
3. Kaleidoscope
Library
ASSIGNMENT PROGRESS: LS 3 - Inflation 3%
Mc
Graw
Hill
Loucation
W

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