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how did they get 1.05 ? thanks Suppose nominal income = $50,000 and the annual inflation rate from 2018 to 2019 was 5%. What is

how did they get 1.05 ? thanks

Suppose nominal income = $50,000 and the annual inflation rate from 2018 to 2019 was 5%. What is the real income? nominal income $50,000 real income = price level 1.05 = $47,619.05

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