Question 1: Ination Ination is calculated from the Consumer Price Index (CPI) as follows: Inflation Rate = % increase in CPI (a) If the CPI in March of 2021 was 264.9, and the CPI in March of 2022 is 287.5, what is the yearly inflation rate? The annual earnings for a full-time minimum-wage worker are about $15,000 per year at the current federal minimum wage of $7.25 per hour. Real income is given by the following formula: Nominal Income Real Income = 1 + Inflation Rate (b) Given the ination rate that you found in part (a), what is the real income of the minimum-wage worker today if their wages have remained constant and they started working in March of 2021? (c) The cumulative ination rate from 2009 (the year the minimum wage was raised to $2.25 per hour) to 2022 is 31.73%. If the minimum wage worker started working in 2009, what is the real income of the worker today if their wages have remained constant? Hint: this is solved the some way as part (b). ((1) Briey discuss some of the causes of high ination in recent years]