Calculating Change in Purchasing Power
The cost of a specific basket of goods was $500 in the base year and rose to $575 in the current year. Over the same period, a worker’s nominal wage increased from $20 per hour to $22 per hour. What was the approximate change in this worker’s purchasing power?
A
Remained unchanged
B
Increased by 10%
C
Decreased by approximately 4.3%
D
Decreased by 15%
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