Question 16.26

16.26 Rising incomes? In Example 4, we saw that the median real income (in 2013 dollars) of all households rose from $50,267 in 1984 to $51,939 in 2013. The real income that marks off the top 5% of households rose from $153,614 to $196,600 in the same period. Verify the claim in Example 4 that median income rose 3.3% and that the real income of top earners rose 28.0%.