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x You received no credit for this question in the previous attempt. Check my work View previous attemp Problem 5-66 Real versus Nominal Dollars (L05) An engineer in 1950 was earning $5,600 a year. In 2015 she earned $94,000 a year. However, on average, prices in 2015 were higher than in 1950. What was her real income in 2015 in terms of constant 1950 dollars? Use the data in Table 5.8. (Round your answer to 2 decimal places.) Real income in 2015 $ 59,196.62 % my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Problem 5-56 Effective Interest Rate (L04) First National Bank pays 7.0% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. a. Calculate the effective annual rate for each bank. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. Effective Annual Rate 103.50 % First National Bank Second National Bank 105.64 b. Which bank offers the higher effective annual rate? First National Bank Second National Bank e of Money Problems i Saved Help Save & Exit Submit x You received no credit for this question in the previous attempt. Check my work View previous attempt Problem 5-55 Effective Interest Rate (L04) You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $23, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 14.45 % Percent Change since 1950 TABLE 5.8 The consumer price index (CPI) shows how inflation has increased the cost of a typical family's purchases. 1950 1960 1970 1980 1990 2000 2010 2015 CPI 25.0 29.8 39.8 86.3 133.8 174.0 219.2 236.5 + 19.2% + 59.2 +245.2 +435.2 +596.0 +776.8 +846.0