Additional Exercise Glynnis received a statement from the U.S. Social Security Administration that indicated that, on the basis of her current earnings, she could expect to receive a monthly Social...

Additional Exercise

Glynnis received a statement from the U.S. Social Security Administration that indicated that, on the basis of her current earnings, she could expect to receive a monthly Social Security benefit of $2,558.56 when she reaches age 65 in 24 years. The statement also said that the value of this benefit in today’s dollars is $1,187.50. What inflation rate is being assumed?