Answer:
$47,105.39
Step-by-step explanation:
To calculate how much I would need in 15 years to have the same buying power we'll be using the standard future value formula:
Required amount = amount * (1 + inflation rate)^number years
In this case:
amount = $35,000
inflation rate = 2%
number years = 15
Therefore,
Required amount = $35,000* (1 + 0.02)^15
Required amount = $47,105.39
We can conclude that I would need $47,105.39 in 15 years to have the same buying power.
