Calculate number of years it will take for purchasing power


Problem

Inflation has been reality for the general economy of the U.S. in many years. Given this assumption, calculate the number of years it will take for the purchasing power of today's dollars to equal one-fifth of their present value. Assume that inflation will average 6% per year.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Calculate number of years it will take for purchasing power
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