Suppose the median household earned $9,482 in 1976 and $52,251 in 2016. During that time, also suppose the CPI rose from 51.9 to 219.76.
Instructions: Round your answers to one decimal place.
a. The total growth rate in nominal median household income from 1976 to 2016 was:
%.
b. The total growth rate in real median household income from 1976 to 2016 was:
%.
