In Fairy land a typical family of 15 will purchase these items in any given year: 50 lbs of Sugar 75 barrels of water Year Price of Water Price of Sugar2021 5 202022 5.05 222023 5.20 25 1. Calculate the annual total cost of the basket. (3 marks) 2. Calculate the Consumer Price Index for each year using 2021 as the base year. (3 marks) 3. Calculate the inflation rate for each year. (3 marks) 4. Deflate each year’s CPI. (6 marks)