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Lostitan 9

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In the land of Lostistan, the rate of inflation is 2%. This means that the value of money of Lostistan is continuously decreasing at a rate of 2% per year.

(a) If a citizen of this country has a ten dollar bill in his pocket today, how much will those ten dollars be worth in ten years?
(b) How much will ten dollars be worth in 70 years?
(c) What is the half-life of the value of money in this country?

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Solution Summary

The expert examines the inflation rate for the land of Lostistan. How much ten dollars will be worth over different periods of times is determined.

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a) value in ten years = 10/(1.02)^10 = 8.20

b) value in seventy years = ...

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