Inflation 5762 require the following discussion. Inflation

Chapter 6, Problem 57

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Inflation 5762 require the following discussion. Inflation is a term used to describe the erosion of the purchasing power of money. For example, if the annual inflation rate is 3%, then $1000 worth of purchasing power now will have only $970 worth of purchasing power in 1 year because 3% of the original $1000 (0.03 & 1000 " 30) has been eroded due to inflation.In general, if the rate of inflation averages r per annum over n years, the amount A that $P will purchase after n years is where r is expressed as a decimal. A = P # 11 - r2n Inflation If the inflation rate averages 3%, how much will$1000 purchase in 2 years?

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