Paul just graduated from college and landed his first "real" job, which pays

$31,100

a year. In

9

years, what will he need to earn to maintain the same purchasing power if inflation averages

3

percent?Click on the table icon to view the FVIF table

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.The future value,

FV,

Paul will need to earn if inflation averages

3

percent is

$nothing.

(Round to the nearest cent.)

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Data Table

Compound Sum of $1 (FVIF)
n	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%
1	1.010	1.020	1.030	1.040	1.050	1.060	1.070	1.080	1.090	1.100
2	1.020	1.040	1.061	1.082	1.103	1.124	1.145	1.166	1.188	1.210
3	1.030	1.061	1.093	1.125	1.158	1.191	1.225	1.260	1.295	1.331
4	1.041	1.082	1.126	1.170	1.216	1.262	1.311	1.360	1.412	1.464
5	1.051	1.104	1.159	1.217	1.276	1.338	1.403	1.469	1.539	1.611
6	1.062	1.126	1.194	1.265	1.340	1.419	1.501	1.587	1.677	1.772
7	1.072	1.149	1.230	1.316	1.407	1.504	1.606	1.714	1.828	1.949
8	1.083	1.172	1.267	1.369	1.477	1.594	1.718	1.851	1.993	2.144
9	1.094	1.195	1.305	1.423	1.551	1.689	1.838	1.999	2.172	2.358
10	1.105	1.219	1.344	1.480	1.629	1.791	1.967	2.159	2.367	2.594
11	1.116	1.243	1.384	1.539	1.710	1.898	2.105	2.332	2.580	2.853
12	1.127	1.268	1.426	1.601	1.796	2.012	2.252	2.518	2.813	3.138
13	1.138	1.294	1.469	1.665	1.886	2.133	2.410	2.720	3.066	3.452
14	1.149	1.319	1.513	1.732	1.980	2.261	2.579	2.937	3.342	3.797
15	1.161	1.346	1.558	1.801	2.079	2.397	2.759	3.172	3.642	4.177
16	1.173	1.373	1.605	1.873	2.183	2.540	2.952	3.426	3.970	4.595
17	1.184	1.400	1.653	1.948	2.292	2.693	3.159	3.700	4.328	5.054
18	1.196	1.428	1.702	2.026	2.407	2.854	3.380	3.996	4.717	5.560
19	1.208	1.457	1.754	2.107	2.527	3.026	3.617	4.316	5.142	6.116
20	1.220	1.486	1.806	2.191	2.653	3.207	3.870	4.661	5.604	6.727
21	1.232	1.516	1.860	2.279	2.786	3.400	4.141	5.034	6.109	7.400
22	1.245	1.546	1.916	2.370	2.925	3.604	4.430	5.437	6.659	8.140
23	1.257	1.577	1.974	2.465	3.072	3.820	4.741	5.871	7.258	8.954
24	1.270	1.608	2.033	2.563	3.225	4.049	5.072	6.341	7.911	9.850
25	1.282	1.641	2.094	2.666	3.386	4.292	5.427	6.848	8.623	10.835
30	1.348	1.811	2.427	3.243	4.322	5.743	7.612	10.063	13.268	17.449
40	1.489	2.208	3.262	4.801	7.040	10.286	14.974	21.725	31.409	45.259
50	1.645	2.692	4.384	7.107	11.467	18.420	29.457