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Jeff just received a refund of $2,178 from his family physician. This was an overpayment on his account, and it has been 3 years since
Jeff just received a refund of $2,178 from his family physician. This was an overpayment on his account, and it has been 3 years since the overpayment was due. Jeff is really frosted by this delay! What is the purchasing power now (year 0) of the overpayment if inflation has been 4%, 3%, and 2%, respectively, in years 3 (three years ago), 2 (two years ago), and 1 (last year)?
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