Using Price Indexes:

The following table shows a price index base 100 = 2012 in Canada for the four quarters of 2016.

Quarter	Price Index
1	102.49
2	103.19
3	103.83
4	104.81

Answer the following questions.Enter only the value, without the % sign or any other symbols.

a. What is the annualized rate of inflation between the first and the second quarter of 2016?Express your answer in percentage rounded to the nearest first decimal (use the exact formula).

b. How do you interpretthe index of the first quarter of 2016:

The price level is percentdollarsClick for List higherlowerClick for Listthan that of 2012.

c. Suppose the average hourly wage was $26.39in the fourth quarter of 2016. Calculate the real wage in dollars of 2012.Round your answer to the nearest second decimal.