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II. Nominal versus Real (10 Marks) Joe started working 6 years ago at $12 per hour, and now he's making $19.50 per hour. Joe's bragging to his sister: "Not bad! My boss told me I'm making 60% more now than when I started!" Joe's sister, Sheila, who has just completed an economics course at the college throws cold water on his enthusiasm. "You have to check the inflation rate over the last 6 years before you can see if you have made any real gains." After checking some websites, Sheila tells Joe the price level has risen by 43.6% in the six years he's been working. "So what?" Joe asks. Sheila replies, "So, now we can calculate your real gains by taking the rising price level into account. Let's do the math!" Have Joe's real wages increased, and if so, by how much? Provide an answer in both dollars and as a percentage. (this question supplies all the required information)