1. An engineer in 1950 was earning $6,000 a year. In 2020, she earned $80,000 a year. However, on average, prices in 2020 were higher than in 1950. What was her real income in 2020 in terms of constant 1950 dollars? Use the data in Table 5.8.

TABLE 5.8 The consumer price index (CPI) shows how inflation has increased the cost of a typical familys purchases.

	CPI	Percent Change since 1950
1950	25.0
1960	29.8	+ 19.2%
1970	39.8	+ 59.2
1980	86.3	+245.2
1990	133.8	+435.2
2000	174.0	+596.0
2010	219.2	+776.8
2020	262.0	+948.1

Note: Round your answer to 2 decimal places.