Question 1: Changing growth in wages over time The following data on average weekly earnings for all employees was obtained from the Reserve Bank website httg:(www.rba.gov.au Month + Year Average Weekly Earnings {all employees] December 1970 $65.40 December 1980 $230.50 December 1990 $489.00 December 2000 $644.30 December 2010 $996.90 December 2020 $1711.60 a} From December 1970 to December 1980, what was the average annual growth rate in bi dl average weekly earnings? Give your answer to 3 decimal places. HINT: Consider using a version of the compound interest formula. At this rate of growth, calculate when {month and year} average weekly earnings doubled on December 1970 levels. Using the same approach from part {a}, calculate the average annual growth rate in average weekly earnings from December 1980 to December 1990. Give your answer to two decimal places, but retain the unrounded answer in your calculator to calculate when (month and year) average weekly earnings doubled on December 1980 levels. Wages growth has been considerably slower in more recent times. From December 2010 to December 2020, what was the average annual growth rate in average weekly earnings? Report this rate to three decimal places, but retain the unrounded answer in your calculator for use in part d}. If this growth has continued since December 2020, what would we expect the average weekly earnings to be as ofJune 2022? Report your result to two decimal places