7. Suppose it turns out you're wrong, and there ends up being an average of 1 percent deflation over the next 30 years. What is the real interest rate in this case? Are you happy or sorry you took out this mortgage?

Use the following CPI data to answer questions 8 and 9:

Year	CPI
2012	230
2013	233
2014	236
2015	237
2016	240
2017	245

8. Tuition and required fees for full-time undergraduate students at John Jay were $5,759 in 2012 and $6,810 in 2016. By what percent has real tuition and required fees increased?

9. Suppose your yearly income in 2012 was $48,000 and in 2017 it was $53,000. By what percent has your yearly income increased?