Calculating the effect of inflation. bill and sally kaplan have an annual spending plan that amounts to $39,500. if inflation is 3 percent a year for the next three years, what amount will the kaplans need for their living expenses three years from now? solution: $39,500 ¿1.093 (fv$1, 3%, 3 years) = $43,173.50lo: 3-3topic: future valuelod: intermediatebloom tag: apply

$39,348

Explanation:

The amount that Bill and Sally Kaplan need represents the future value of $36,000

The inflation rate of 3 % if the interest rate

$36,000 will be the present value  PV

The period is three years

The Future Value: FV = PV x(1+r)n

=FV = $36,000 x (1+3/100)3

=$36,000 x (1+0.03)3

=$36,000 x 1.093

=$39,348

the correct answer is:

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