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Table 24-12. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160,0 168.0 Refer to Table 24-12. If the nominal interest rate was 8 percent in 2010, then the real interest rate in 2010 was 3 percent. the real interest rate in 2010 was 4 percent. Will's 2009 food expenditures in 2010 dollars amount to $5,800. Will's 2009 food expenditures in 2011 dollars amount to $6,200.

Table 24-12. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160,0 168.0 Refer to Table 24-12. If the nominal interest rate was 8 percent in 2010, then the real interest rate in 2010 was 3 percent. the real interest rate in 2010 was 4 percent. Will's 2009 food expenditures in 2010 dollars amount to $5,800. Will's 2009 food expenditures in 2011 dollars amount to $6,200.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Table 24-12. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160.0 168.0 Refer to Table 24-12. If the nominal interest rate was 8 percent in 2010, then O the real interest rate in 2010 was 3 percent. the real interest rate in 2010 was 4 percent. Will's 2009 food expenditures in 2010 dollars amount to $5,800. O Will's 2009 food expenditures in 2011 dollars amount to S6,200. • Previous
Transcribed Image Text:Table 24-12. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160.0 168.0 Refer to Table 24-12. If the nominal interest rate was 8 percent in 2010, then O the real interest rate in 2010 was 3 percent. the real interest rate in 2010 was 4 percent. Will's 2009 food expenditures in 2010 dollars amount to $5,800. O Will's 2009 food expenditures in 2011 dollars amount to S6,200. • Previous
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