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The value of the famous basket of the goods between 2020 and 2022 Years 2020 2021 2022 Cars $500,000 $600,000 $620,000 Groceries $200,000 $220,000 $300,000

The value of the famous basket of the goods between 2020 and 2022 Years 2020 2021 2022 Cars $500,000 $600,000 $620,000 Groceries $200,000 $220,000 $300,000 School $200,000 $100,000 $150,000 Bills $100,000 $130,000 $30,000 The table above contains information that is representative of a typical economys basket of goods. Using 2020 as the base year, compute the following: What is the real income (in 2020, 2021 and 2022) if an employees nominal income remains at $22,222 for all three (3) years? a. $22,222; $22,222; $22,222 b. $22,222; $21,164; $20,202 c. $24,444.20; $22,222; $23,333.10 d. $24,444.20; $23,333.10; $22,222 e. $0, $50,000, $100,000 more f. $22,222; $23,333.10; $24,444.20 g. None of the options is correct h. $1,000,000; $1,050,000; $1,100,000

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