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Assume a person saves diligently in some long-term savings plan for 50 years and retires with $1,200,000 in his or her retirement account. How much

Assume a person saves diligently in some long-term savings plan for 50 years and retires with $1,200,000 in his or her retirement account. How muchpurchasing powerwould that amount have in today's dollars if the annualinflation rate averaged about 2.5% over those same 50 years?

about $161,000

about $433,000

about $349,000

about $259,000

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