The following table gives the CPI for Canada for selected years as reported by Statistics Canada The following table gives the CPI for Canada for selected years as reported by Statistics Canada l. r l 'Yoarl199611997120011200212008 ' l. p.22 | l t. . ' i ._ ._ .,_ 2,, . _ ~ CF] 88.9 90.4 97.8 100 2012 ' 2018 2019 2020}, 3 f l l 1 114.1 121.7 133.4 136 137 J a. Using the information in the table calculate the inflation rate for Canada for 1997 and interpret your answer. Show your work. (3 points) \\ b. Suppose your mom deposited some money in Scotia Bank Canada in 1996 at'a nominal interest rate of 2 percent per year that she wanted to use in 1997 (a year later). Explain to your mother how the purchasing power of her bank account changed between 1996 and 1997. (2 points) c.8uppose a high school teacher earned $60, 000 in 1996 and $80, 000 in 2019. Calculate the teacher's 2019 salary 'in 1996 dollars.Show your work and explain if the teacher was doing better in 1996 than in 2019. (3 points) 1