The approximate %change in the real wage rate from year 1 to year 2 is 8%.
The Real wage refer to an amount of compensation that a worker can can expect to get after factoring inflation rate
CPI in Year 1 = 1.13 * 100
CPI in Year 1 = 113
CPI in Year 2 = 1.18 * 100
CPI in Year 1 = 118
Real wage = Old wage * CPI in Year 2/CPI in Year 1
Real wage = 8 * (118/113)
Real wage = 8.3539
Real wage = 8%
In conclusion, the approximate %change in the real wage rate from year 1 to year 2 is 8%.
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