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With an annual inflation rate of 1.18%, how much did an item that now costs $300 cost 7 years prior? An item that currently costs $300 would have cost $7 years ago. (Do not round until the final answer. Then round to the nearest cent as needed.) If money can be invested at 3.8% compounded quarterly, which is larger, $15,017 now or $21,000 in 9 years? Use present value to decide. The present value of $21,000 in 9 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.)