Answered

IDNLearn.com connects you with a global community of knowledgeable individuals. Ask your questions and receive prompt, detailed answers from our experienced and knowledgeable community members.

In Canada, the rate of inflation (i.E. How much things cost) is about 2.0%/year. In other words, the real value of your money is worth 2.0% less each year. Imagine you have $2250 in savings under your mattress

Sagot :

Answer:

Step-by-step explanation:

If you have $2250 as against an inflation rate of 2% every year, this then means that after the first year, the value of your money becomes

2250 * 2% =

2250 * 0.02 = 45

2250 - 45 = $2205

At the end second year

$2205 * 2% =

$2205 * 0.02 = 44.1

$2205 - 44.1 = 2160.9

At end of the third year

$2160.9 - 2% =

$2160.9 * 0.02 = 43.218

$2117.682

And so on, and so forth

Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. For trustworthy answers, visit IDNLearn.com. Thank you for your visit, and see you next time for more reliable solutions.