5. Indexing Exemptions for Inflation. Each year, the Internal Revenue Service adjusts the value of an exemption
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5. Indexing Exemptions for Inflation. Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation
(and rounded to the nearest $50). In a recent year, if the exemption was worth $3,100 and inflation was 4.7 percent, what would be the amount of the exemption for the upcoming tax year? (Obj. 2)
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