Formula of Real Income :
a) So, For 2013
Real Income = 28000/116 * 100 = 2800000/116 = 24137.93
For 2014
Real Income = 29600/121 * 100 = 2960000/121 = 24462.81
For 2015
Real Income = 32000/128 * 100 = 3200000/128 = 25000
Hence, Real Income, 2013: 24137.93 2014: 24462.81 2015: 25000
b) Percentage Increase in Real Income
For 2014
Percentage increase = 100 * (Real Income 2014 - Real Income 2013)/Real Income 2013
So, Percentage Increase = 100 * (24462.81 - 24137.93) / 24137.93
= 100 * 324.88/24137.93
= 32488/24137.93
= 1.3459%
For 2015
Percentage increase = 100 * (Real Income 2015 - Real Income 2014)/Real Income 2014
Percentage increase = 100 * (25000 - 24462.81) / 24462.81
= 100 * 537.19 / 24462.81
= 53719/24462.81
= 2.1959%
So, Percentage Increase that Real Income rose 2014: 1.3459% 2015: 2.1959%
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