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The purchasing power (real value of money) decreases if inflation is present in the economy. For example, the purchasing power of $R after t years

The purchasing power (real value of money) decreases if inflation is present in the economy. For example, the purchasing power of $R after t years of 3% inflation is given by the model shown below. P=R(0.97 Superscript t) dollars What will be the purchasing power of $60,000 after 20 years of 3% inflation?

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