4. How would an unanticipated 5 percent jump in inflation impact the wealth of:
a. Joe, who has a 30-year home mortgage at a fixed interest rate.
b. The McCoy’s, who hold most of their wealth in long-term fixed yield bonds.
c. Hanna, a retiree drawing a pension of a fixed dollar amount.
d. Jose, a heavily indebted small-business owner.
e. Mike, the owner of an apartment complex with substantial debt at a fixed interest rate
f. Tina, a worker whose wages are determined by a 3-year union contract ratified three months ago.