Respuesta :
Annual growth rate is 4.58 % per year.
Real income per person in 2010 = $ 47,210
Real income per person in 2010= $ 55,860
Difference = $ 8650
Growth for four years = 8560/ 47,210 *100
= 18.3223 %
Average annual growth for four years = 18.3223%/4= 4.58%
When referring to an individual's income, real income is how much money an individual or entity makes after accounting for inflation. Individuals frequently monitor their nominal vs. real income to gain a better understanding of their purchasing power.
Some features of real income are-
- Real income is distinct from nominal income, which does not include such adjustments.
- Individuals frequently monitor their nominal vs. real income to gain a better understanding of their purchasing power.
- The Consumer Price Index is used to calculate most real income calculations (CPI).
- In theory, rising inflation reduces real income and purchasing power by the amount of inflation on a per-dollar basis.
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