Inflation: The yearly inflation rate tells the percentage by which prices increase. For example, from 1990 through 2000 the inflation rate in the United States remained stable at about 3% each year....

Inflation: The yearly inflation rate tells the percentage by which prices increase. For example, from 1990 through 2000 the inflation rate in the United States remained stable at about 3% each year. In 1990 an individual retired on a fixed income of $36,000 per year. Assuming that the inflation rate remains at 3%, determine how long it will take for the retirement income to deflate to half its 1990 value. (Note: To say that retirement income has deflated to half its 1990 value means that prices have doubled.)