7. value: 2.50 points Problem 3-12 (LO3.3) Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation (and rounds to the nearest $50). If the exemption this year was worth $5,000 and inflation was 1.4 percent, what would be the amount of the exemption for the upcoming tax year? (Round your answer to the nearest $50.) Amount of exemption