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How is inflation measured? Suppose the inflation rate is 2% per year. If you currently think of $40,000 as an acceptable retirement income and are

How is inflation measured? Suppose the inflation rate is 2% per year. If you currently think of $40,000 as an acceptable retirement income and are expecting to retire in 40 years, what will the equivalent annual income then be, adjusted for inflation rate of 2% per year? Round your answer to the nearest dollar.

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