Question 1 (25 points) The cost of the 12 days of Christmas has steadily been increasing. The table below shows the cost of the 12 days of 1992 and in 2022 (from the PNC Christmas Price Index). Gift One partridge in a pear tree Two turtle doves 1992 2022 27.50 280.18 104.00 600.00 Three French hens Four calling birds 15.00 318.75 280.00 599.96 Five gold rings 300.00 1245.00 Six geese-a-laying 150.00 Seven swans-a-swimming 13,120.86 Eight maids-a-milking Nine ladies dancing 34.00 2606.83 Ten lords-a-leaping 2924.88 720.00 13,124.93 58.00 8308.12 13,980.00 Eleven pipers piping 1053.00 3021.40 Twelve drummers drumming 1140.75 3266.93 Total cost $21,756.82 $45,523.27 a) Determine the inflation rate of the total cost of the 12 days of Christmas over this period. b) If this inflation continues, determine the total price of the 12 days of Christmas in 2037. Give your answer in both real (2022 dollars) and actual dollars. Note: the market interest rate is currently running at 6%.