The late 1970s and early 1980s were years of historically high rates of inflation in Canada. For

Question:

The late 1970s and early 1980s were years of historically high rates of inflation in Canada. For the years 1978, 1979, 1980, 1981, and 1982 the rates of inflation were 8.8%, 9.2%, 10.9%, 12.6%, and 10.0%, respectively.
a. Suppose your hourly wage at the beginning of 1978 was $10 per hour. What wage did you need to earn at the end of 1982 just to keep pace with inflation?
b. Whatpercentageofitspurchasingpowerdidmoneyloseoverthesefiveyears?

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