Fidelity Investments publishes a magazine a few times a year. In 2008 the President of Fidelity Investments
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Fidelity Investments publishes a magazine a few times a year. In 2008 the President of Fidelity Investments was Steven P. Akin. Here is what he said on his President's Note page of the magazine:
Doing a quick calculation, I found that a sum of $10,000 in 1993 had the same buying power as $14,867 does in 2008. In other words, $10,000 has lost almost half its real value in the past 15 years.
What is the correct loss in the value of the original $10,000? Show your mathematical work.
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South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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