Paul Ramos just graduated from college and landed his first 'real' job, which pays $48,800 a year. In 7 years, what will he need to earn to maintain the same purchasing power if inflation averages 5 percent?

Homework: 2-3 MyFinanceLab: Assignment: Module Two Homework Save Score: 0 of 1 pt HW Score: 0%, 0 of 10 pts Problem P3-3 (similar to) E Question Help * Paul Ramos just graduated from college and landed his first 'real' job, which pays $48,800 a year. In 7 years, what will he need to earn to maintain the same purchasing power if inflation averages 5 percent? Click on the table icon to view the FVIF table - The future value, FV, Paul will need to eam if inflation averages 5 percent is $. (Round to the nearest cent.) Data Table - X 2.144 Compound Sum of $1 (FVIF) n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 21.020 1.040 1.061 1.082 1.103 1.124 1.145 1.166 1.188 31.030 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 41.041 1.082 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 |51.051 1.104 1.159 1.217|| 1.276|| 1.338 1.403 1.469 1.539 61.062 1.126 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 71.072 1.149 1.230 1.316 1.407 1.504 1.606 1.714 1.828 1.949 81.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 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 3.138 131.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3.066 3.452 141.149 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 4.595 171.184 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 6.116 201.220 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 6.727 211.232 1.516 1.860 2.279 2.786 3.400 4.1415.034 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 | 231.257| 1.577| 1.974 2.465 3.072 3.8204.7415.8717.2588.954 241.270 1.608 2.033 2.563 3.225 4.049 5.072 6.341 7.911 9.850 251.282 1.641 2.094 2.666|| 3.386 4.292 5.4276.848 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 14.97421.725 31.409 45.259 50 1.645 2.692 4.384 7.107 11.467 18.420 29.457 46.902 74.358 117.391 Enter your answer in the answer box and then click Check Answer. Print Done All parts showing Clear All Check