Convert the current dollar figures into constant dollars (i.e., control for inflation). The formula for converting constant dollars into current dollars is: constant dollars I current dollars(CPI-U * 0.01) Calculate constant dollars for each of the categories: All Families, ‘White, Black, and Hispanic. (The CPI—U figures have 1982—84 as the base year. Therefore, the constant dollars will be in 1982—84 dollars.)
1. Create one line graph to compare the trends for the three racial/”ethnic groups (i.e., White, Black, Hispanic) (use the constant dollar figures).
2. Create a memo in Word comparing the trend for median family income for the three groups over the past 15 years. Import your graph into your Word memo. Save your documents with the filename: INCXXX (where XXX are your initials). (Note: You should save two files. One should be an EXCEL document and the other should be a Word document.)
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