You have $44000 in a savings account that pays 2% annual interestand the inflatation rate is 3.24%. How much buying power in dol
lars will you lose in one year because of inflation?
1 answer:
At the end of the year ...
the price will be 44,000*1.0324 = 45,425.60
the bank balance will be 44,000*1.02 = 44,880.00
This is 545.60 fewer dollars than required to pay the price.
You lose $545.60 in current-year buying power.
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