An investment of $1000 was made 25 years ago. The amount available 10 years from now at the market interest rate of 5% per year and an inflation rate of 2% per year is closest to: (choose one)
(a) $3085
(b) $5430
(c) $5515
(d ) $35,000
F = 1000(F/P,5%,35)
= 1000(5.5160)
= $5516
Answer is (c) $5515
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