According to Government statistics, the median household income in the United Kingdom in 1953 was £3,500 per year. Based on the Consumer Price Index, this is equivalent to £30,000 in 2008. Answer the following questions: 2.2.1 What was the annual compound rate of growth of median household income between 1953 and 2008? [10%] 2.2.2 In 1978, median household income was actually £15,000. Based on your answer in 2.2.1, what is the equivalent household income in 2008?
