Related questions with answers
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 (0.03 \times 1000=30)P will purchase after n years is where r is expressed as a decimal. If the inflation rate averages 2%, how much will $1000 purchase in 3 years?
We will find the value of and .
Recommended textbook solutions
More related questions