What is the purchasing power now of the overpayment

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Reference no: EM131506416

Question: 1. Jeff just received a refund of $2,178 from his family physician. This was an overpayment on his account, and it has been 3 years since the overpayment was due. Jeff is really frosted by this delay! What is the purchasing power now (year 0) of the overpayment if inflation has been 4%, 3%, and 2%, respectively, in years -3 (three years ago), -2 (two years ago), and -1 (last year)?

2. Develop a spreadsheet to verify that the following table entries are correct (to the nearest whole percent).

- Erosion of Money's

- Purchasing Power

Inflation Rate 10 years                25 years
2%    -18% -39%
4%    -32% -62%

Reference no: EM131506416

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