Answer:
1. the interest make in a year is $1100
2. the spending power need to make to keep up with inflation in that year is $1782.
3. the buying power lose in that year because of inflation is $682. the buying power lose in that year because of inflation is $682.
Explanation:
In a savings account, amount $55,000 which pays 2% interest each year and the rate of inflation is 3.24% gives,
1.The interest make in a year is $1100
2. Spending power need to make to keep up with inflation in that year is $1782.
3. Buying power lose in that year because of inflation is $682
1. the interest make in a year is $1100
2. the spending power need to make to keep up with inflation in that year is $1782.
3. the buying power lose in that year because of inflation is $682. the buying power lose in that year because of inflation is $682.
