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The following table gives information on the Consumer Price Index and the monthly take-home pay of...

The following table gives information on the Consumer Price Index and the monthly take-home pay of Bill Martin, an employee at Ford Motor Corporation, from 1982−84 and 2016

Consumer Price Index Mr. Martin’s Monthly
Year (1982−84 = 100) Take-Home Pay
1982−84 100 $ 600
2016 179.600 2,200

What is the purchasing power of the dollar in 2016, based on the period 1982−84? (Round your answer to 3 decimal places.)

Purchasing power:

Determine Mr. Martin’s “real” monthly income for 2016. (Round your answer to the nearest dollar amount.)

Monthly income:

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