Question a    .Nervous Rollo puts $10,000 per year into a savings account from ages 25 to 60 earning 1% in interest per year. If the average rate of inflation is 3% per year, how much in future wealth will Nervous Rollo lose (Hint: the difference in future values)? [Round to the nearest cent] [Round to the nearest cent]

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Question a   
.Nervous Rollo puts $10,000 per year into a savings account from ages 25 to 60 earning 1% in interest per year.

If the average rate of inflation is 3% per year, how much in future wealth will Nervous Rollo lose (Hint: the difference in future values)?

[Round to the nearest cent]

[Round to the nearest cent]

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