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Suppose youll have an annual nominal income of 50000 for

Suppose you'll have an annual nominal income of $50,000 for each of the next 3 years, and the inflation rate is 5 percent per year.

(Hint: Use the following formula): I₀ / (1 + r)^t where I₀ is the nominal income, r is the inflation rate and t is the number of years.

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