A UK-based life insurance company will pay a cash-value sum of £500,000 when the insured reaches the age of 65. The insured will be 65 years old 27 years from today.

(a) Determine the cash value of the £500,000 in CV purchasing power, assuming inflation remains constant at 3% per year.

(b) Write the spreadsheet single-cell function that displays the answer. 

(c) Convert your answer to U.S. dollars and euros using current exchange rates.