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Suppose you purchase an insurance policy today that will provide you with $ 2 5 0 , 0 0 0 when you retire in 2

Suppose you purchase an insurance policy today that will provide you with $250,000 when you retire in 25 years. Assuming an annual inflation rate of 5%, what will be the purchasing power (in dollars) of $250,000 in 25 years? (See Example 4 in this section. Round your answer to the nearest cent.)

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