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An engineer in 1950 was earning $6,200 a year. In 2020, she earned $82,000 a year. However, on average, prices in 2020 were higher than

An engineer in 1950 was earning $6,200 a year. In 2020, she earned $82,000 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.

image text in transcribed \begin{tabular}{|c|c|c|} \hline & CPI & PercentChangesince1950 \\ \hline 1950 & 25.0 & \\ \hline 1960 & 29.8 & +19.2% \\ \hline 1970 & 39.8 & +59.2 \\ \hline 1980 & 86.3 & +245.2 \\ \hline 1990 & 133.8 & +435.2 \\ \hline 2000 & 174.0 & +596.0 \\ \hline 2010 & 219.2 & +776.8 \\ \hline 2020 & 262.0 & +948.1 \\ \hline \end{tabular}

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