Question: The Red River Floodway is designed to reduce the impact of floods in Winnipeg, by diverting water around the city. It was disparagingly known as

The Red River Floodway is designed to reduce the impact of floods in Winnipeg, by diverting water around the city. It was disparagingly known as Duffs Ditch after Premier Duff Roblin due to its high expense and seeming extravagance. It was started in 1962 and cost $62 million dollars to complete and was designed to stop a flood of the century (1 in 100 years!).

What is the value of that $62 million today (in 2020)? Assume the $62 million was paid in 1962 and annual compounding and an annual interest rate of 5%.

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