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1.Suppose your annual income will be $70,000 for each of the next 3 years, and the rate of inflation is 3% per year. a. Find

1.Suppose your annual income will be $70,000 for each of the next 3 years, and the rate of inflation is 3% per year.

a. Find the real value of $70,000 for each of the next 3 years.

b. If inflation were to be 10%, what would be the real value for the next 3 years?

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