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30 January, 12:28

Carnie had an income of $29,520 last year. If the inflation rate is eight percent, what is her current purchasing power? Round to the nearest dollar.

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  1. 30 January, 14:06
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    Last year purchasing power assuming no inflation = $29,520

    Current purchasing power = $29,520 - 8% = $29,520 x (1 - 0.08) = $29,520 x 0.92 = $27,158.40

    Therefore current purchasing power is $27,158 to the nearest dollar.
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