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Consider the table below. It shows a hypothetical income tax schedule, expressed in nominal terms, for the year 2014- 0.26 points Family income Taxes due (percent of income) $20, 080 $30, 081-358, 080 $50, 081-$80, 086 $80, 086 Print The legislature wants to ensure that families with a given real income are not pushed up into higher tax brackets by nflation. The CPI (times 100) is 175 in 2014 and 185 in 2016. References Instructions: To calculate the adjusted income tax, enter the percentage rate of inflation rounded to one decimal place. Rate of inflation between 2014 and 2016: To meet the legislature's goal. the income tax schedule for the year 2016 should be adjusted as shown in the ollowing table: Instructions: Use your rounded rate of inflation when calculating the income tax schedule in the table below. Enter your responses as whole numbers. Family income Tax rate (Lass than or equal to 10% to 5 12% to s 15% to s 20% 25% The table below shows an income tax schedule, expressed in nominal terms, for the year 2014. Family income 0.26 Taxes due (percent of income) points Skipped 538 , 001-$58,098 $50, 001-$80, 080 $80, 006 The legislature wants to ensure that families with a given real income are not pushed up into higher tax brackets by inflation. The CPI (times 100) is 185 in 2014 and 195 in 2016. Instructions: To calculate the adjusted income tax, enter the percentage rate of inflation rounded to one decimal Print place. Rate of inflation between 2014 and 2016: To meet the legislature's goal, the income tax schedule for the year 2016 should be adjusted as shown in the ollowing table: Instructions: Use your rounded rate of inflation when calculating the income tax schedule in the table below. Enter your responses as whole numbers. Family income Taxes due (percent of income) 10 15 20 The following table lists the actual per-gallon prices for unleaded regular gasoline for June of each year between 1978 and 1986, together with the values of the CPIs for those years. For each year from 1979 to 1986, find the CPI inflation rate and the change in the real price of gasoline, both from the previous year. 0.26 points Gasoline price ($/gallon) Skipped 0.663 CPI (1982-1984 = 1.08) 1978 1979 0.901 8. 726 1980 1.269 0. 824 1981 1.391 8 . 909 1982 0.965 Book 1983 8:996 1096 9. 955 1. 136 Instructions: Enter the real price of gasoline rounded to three decimal places. Percentage values should be rounded to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in References front of those numbers. Real price of Percentage change in real Year gasoline price of gasoline Inflation 1978 1979 1980 1981 1982 1983 1984 1985 1986 return per year. Frank is lending $1,000 to Sarah for two years. Frank and Sarah agree that Frank should earn a 2 percent real 0.26 points Instructions: Enter your responses as as whole numbers. a. The CPI (times 100) is 100 at the time that Frank makes the loan. It is expected to be 110 in one year and 121 in two years. What nominal rate of interest should Frank charge Sarah? The nominal rate of interest charged should be b. Suppose Frank and Sarah are unsure what the CPI will be in two years. How should Frank index Sarah's annual repayments to ensure that he gets an annual 2 percent real rate of return. Frank should charge Sarah |more than the inflation rate. Frank is lending $1,000 to Sarah for two years. Frank and Sarah agree that Frank should earn a real return of 2 percent per year. 0.26 points Instructions: Enter your responses as whole numbers. e CPI (times 100) is 100 at the time that Frank makes the loan. It is expected to be 114 in one year and 130 in wo years. What nominal rate of interest should Frank charge Sarah? The nominal rate of interest charged should be b. Suppose Frank and Sarah are unsure about what the CPI will be in two years. How should Frank index Sarah's annual repayments to ensure that he gets an annual 2 percent rate of return? Frank should charge Sarah |more than the inflation rate