The company you work for is looking at re-purposing an old warehouse to set up a production line for pre-fabricated sheds. The total cost of that space when it was constructed back in 1995 was $1.5 million. Back in 1995, the company also put aside the same amount of money to be used when the warehouse was repurposed (so put aside another $1.5 million.

If your company is planning on performing this re-purposing in the year 2,024, and inflation from 1995 to 2,024 has been an average of 2.5% per year, and the company has been investing at a market interest rate of 8% per year: Determine how many actual dollars in 2,024 their investment will be worth. Enter your answer in the box below in millions (Eg: 2,534,473 should be entered as 2.50).

In your dropbox submission, identify i, f, and i* as well.

Hint: consider when they plan to build in order to determine the duration of your analysis.