Algebra with Applications

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Suppose an insurance agent offers you a policy that will provide you with a yearly income of $150,000 in 25 years. What is the comparable annual salary today, assuming an inflation rate of 4%?. (Round your answer to the nearest cent.)

I think I would solve this problem like this 150000/1.04^25 Could someone let me know if that is in fact correct or where any mistake was made thank you in advance.

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