Problem
Jennifer earns $40,000 per year, but her wages are not indexed to inflation. If over a period of three years inflation is at 5 percent and Jennifer receives raises of 2 percent every year, how much has the actual buying power of her income changed over that time?
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.