The take home pay of Cody and the CPI for 2007 and 2004 were:
Take-Home CPI
Year Pay (2005 = 100)
2004 $25,190.00 91.7
2007 $40,977.00 108.5
For full marks your answer should be accurate to at least two decimal places.
a) What was Cody's real income in 2004?
b) What was his real income in 2007?
c) Using the Consumer Price index (CPI), what was the purchasing power of the dollar in 2007?