Suppose that Jim's income in year 1 was $45,000.Over the next four years,his income increases by 5 percent per year.At the same time,the economy experiences an inflation rate of 2 percent per year.At the end of four years,what will be Jim's real income?

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The Answer of Suppose that Jim's income in year 1 was $45,000.Over the next four years,his income increases by 5 percent per year.At the same time,the economy experiences an inflation rate of 2 percent per year.At the end of four years,what will be Jim's real income?

Suppose That Jim's Income in Year 1 Was $45,000