Suppose that James's income in Year 1 was $45,000. Over the next four years his income increases by 7% per year. At the same time, the economy experiences an inflation rate of 5% per year. a. Complete...

Please help with the table and provide calcualtions thank you in advance

Extracted text: Suppose that James's income in Year 1 was $45,000. Over the next four years his income increases by 7% per year. At the same time, the economy experiences an inflation rate of 5% per year. a. Complete the table below. Do not round your intermediate calculations. Enter your final responses as a whole number for Nominal income and Real income. Enter your final responses for the price index rounded to one decimal place. Year Nominal income Price index Real income 1 $45, e00 100 24 2 4 b. At the end of Year 5. James's real income will be $