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According to the Philippine Statistics Authority, the middle class household Income in 1953 was P...

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According to the Philippine Statistics Authority, the middle class household Income in 1953 was P 3,500 per year. Based on the CPI, this is equivalent to P 30,000 in 2008. a. What was the annual compound rate of growth in the middle class household income from 1953 to 2008 b. However, by year 1978, 'the household income was actually P 15,000. Based on the interest rate in part (a), what should have been the equivalent middle class household income in 2008 c. What can you say about the inflation rate for the household income in 2008 I part b) compared to the given P 30,000

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