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Question 1: An engineer in 1950 was earning $5,300 a year. In 2017 she earned $97,000 a year. However, on average, prices in 2017 were higher than in 1950. What was her real income in 2017 in terms of constant 1950 dollars? Use the data in Table below (Round your answer to 2 decimal places.)
CPI Percent Change since 1950
1950 25.0
1960 29.8 +19.2%
1970 39.8 +59.2%
1980 86.3 +245.2
1990 133.8 +435.2
2000 174.0 +596.0
2010 219.2 +776.8
2017 248.0 +892.0
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