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Professor Smith has invented a time machine and is going to travel back in time 15 years to buy his wife a diamond ring. The ring cost $5000, 15 years ago . The average rate of inflation is 3.09% per year. Round answers to nearest whole $.

How much money would the Professor have to pay for the same ring today?
8 years ago

Answers

Reiny
cost = 5000(1.0309)^15
= ....
8 years ago

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