Year CPI

1999 80

2000 87

2001 100

2002 112

2003 108

2004 117

1. Suppose your nominal wage in 2000 is $20,000. Based on the above table of CPI, convert your year 2000 nominal wage in year 2003's dollars. ( round to the nearest dollar)
2. Suppose your nominal wage in 2000 is $20,000 and your nominal wage in 2003 is $24,000, Based on the above table of CPI, is your real wage in 2003 higher than the real wage in 2000?