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23 May, 11:54

Bill and sally kaplan have an annual spending plan that amounts to $104,000. if inflation is 4 percent a year for the next three years, what amount will the kaplans need for their living expenses three years from now?

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  1. 23 May, 12:02
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    To get their need for living expenses per year just multiply each year with 1.04

    first year: $104,000

    second year: $10400 (1.04) = $108160

    third year: $108160 (1.04) = $112486

    fourth year: $112486 (1.04) = $116987
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