Check my work Problem 07-05 (Algo) Suppose you'll have an annual nominal income of $50,000 for each of the next three years, and the inflation rate is 5 percent per year. Hint: Present value = Future value/(1 + Growth in prices)', e.g., The present value of next year's income = Next year's income/(1 + Growth in prices) Instructions: Enter your responses rounded to a whole dollar. a. Find the real value of your $50,000 salary for each of the next three years. Year 1: $ 47500 Year 2: $ Year 3: $ b. If you have a COLA in your contract, what is the real value of your salary for each year