Year PCE Deflator$1$

$(2013=100)$ Interest Rates$2$

$(\%)$ Land Values$3$

$($$ per acre$)$

$2013100\mathrm{.}04\mathrm{.}061,750$

$2014104\mathrm{.}33\mathrm{.}792,050$

$2015108\mathrm{.}03\mathrm{.}852,050$

$2016111\mathrm{.}84\mathrm{.}071,910$

$2017116\mathrm{.}74\mathrm{.}381,890$

$2018122\mathrm{.}44\mathrm{.}891,850$

$2019126\mathrm{.}65\mathrm{.}101,960$

$2020124\mathrm{.}73\mathrm{.}711,820$

$2021140\mathrm{.}93\mathrm{.}241,970$

$2022153\mathrm{.}84\mathrm{.}522,420$

$2023163\mathrm{.}17\mathrm{.}852,750$

$2024165\mathrm{.}38\mathrm{.}252,970$

$1.$ Using the data in the table above, calculate the following:

a$.(6$ points$)$ annual inflation rates for $2014-2024$;

b$.(6$ points$)$ real interest rates for $2014-2024$; and

c$.(6$ points$)$ land values in $2024$ constant terms $($real land values$)$ for $2013-2024.$

d$.(3$ points$)$ Using both an expected nominal growth rate of $4\mathrm{.}0\%$ and the $2014$ land

value per acre in the table above, predict the $2024$ land value per acre.