Nominal income-consumer price index

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Suppose your nominal income in 1995 was $24,000. Suppose, too, that the Consumer Price Index for 2012 was 2.5 and that the base year for this index was 1995. How much nominal income would you need in 2012 in order to match the spending power of your $24,000 IN 1995?

Reference no: EM13737851

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