Xyz company agreed to pay its workers $41 an hour in 1999 and $45 an hour in 2001. the cpi in 1999 was 166 and in 2001 was 180. calculate the real wage rate in each year (to the nearest cent). did these workers really get a pay raise between 1999 and 2001? round up your answer to the second decimal. the real wage rate in 1999 was $ the real wage rate in 2001 was $

The real wage rate in 1999 and 2001 is $24.69 and $25.00 respectively.

Explanation:

In this question, we use the formula of the real wage rate which is shown below:

Real wage rate formula = (Normal wages per hour ÷ CPI of a particular year) × 100

So, For 1999, the real wage rate is

= $41 ÷ 166 × 100 = $24.69

So, For 2001, the real wage rate is

= $45 ÷ 180 × 100 = $25.00

By comparing these real wage rate, we get to know that in 2001 the wage rate is slightly rising by $0.31 ($25 - $24.69)

Hence, The real wage rate in 1999 and 2001 is $24.69 and $25.00 respectively.

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