An engineer invests $22,000 in a savings account that pays interest at a
real 10% per year. If the inflation rate is 6% per year, determine
(a) the amount of money that will be accumulated in 12 years,
(b) the purchasing power of the accumulated amount (in terms of today's dollars),
(c) the number of future dollars that will have the same purchasing power as the $22,000 today,