6. 10.17 The manager of the Pick ‘N’ Pak Food store is trying to determine how much can be spent now to avoid spending an estimated $10,000 on freezer equipment 2 years from now. If the interest rate is 1.5% per month and the inflation rate is 1% per month, what is this maximum amount? Solve

(a) by factors, and

(b) a single-cell spreadsheet function.