The late 2000s and early 2010s were years of relatively low rates of inflation in Canada. For the years 2011, 2012, 2013, 2014, and 2015 the rates of inflation were 2.9%, 1.5%, 0.9%, 2.0%, and 1.1% respectively.

a. Suppose your hourly wage at the beginning of 2011 was $12 per hour. What wage did you need to earn at the end of 2015 just to keep pace with inflation?

b. What percentage of its purchasing power did money lose over these five years?