What is the constant-value dollar amount

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An engineer who is now 65 years old began planning for retirement 40 years ago. At that time, he thought that if he had $1 million when he retired, he would have more than enough money to live his remaining life in luxury. If the inflation rate over the 40-year time period averaged a constant 4% per year, what is the constant-value dollar amount of his $1 million?

Reference no: EM131354015

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