8-22. Refer to Example 4-8. If inflation is expected to average 3% per year over the next 60 years, your purchasing power will be less than $1,107,706. (8.2)

a. When f = 3% per year, what is the purchasing power of this future sum of money in today’s dollars when you reach age 80?

b. Repeat Part

(a) when inflation averages 2% per year.