3. Hari Seldon is planning for his retirement 6 years from now. He plans to deposit $30000 each year for 6 six years (i. e., 6 deposits in years 1-6) in a bank that offers a savings rate of 10% per year. Hari Seldon is also aware that inflation will be present during these 6 years and predicts the inflation rate to be 4% per year (during all 6 years). Answer the following questions.
(a) What is his expected bank balance 6 years from now?
(b) What is the purchasing power of his bank balance 6 years from now in current value of a dollar?
(c) What is the rate at which his purchasing power is growing with this investment?
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