SOLUTION: Suppose you earn a salary of $24000 per year. About what salary would you need 4 years from now to maintain your purchasing power in case the inflation rate stays at 2.9%?
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Question 609665: Suppose you earn a salary of $24000 per year. About what salary would you need 4 years from now to maintain your purchasing power in case the inflation rate stays at 2.9%? Answer by ewatrrr(24785) (Show Source):
Hi
salary of $24000 per year. About what salary would you need 4 years from now
to maintain your purchasing power in case the inflation rate stays at 2.9%?
In General
A = Accumulated Amount
P= principal = $22400
r= annual rate = .029
n= periods per year = 1
t= years = 1
A= = $25,725