John borrowed $7,000 from a commercial bank for 6 years to pay his tuition fee. Calculate the interest owed on this loan after 6 years in real dollars if the bank charges 7% annual (current) interest rate and annual inflation is 3%. A painting cost $3 million in 1980. Now in 2021 its price is $5 million. Assuming average annual inflation of 5% over this period, has the painting increased/ decreased in value and by how much