$100,000 is invested for 10 years in various investments, during a period when the inflation rate is 4%. The investor is in the 28% Federal and 4% State tax bracket for ordinary income but taxed at a 15% Federal rate for dividend income. What is the future value of this investment in today's dollars if:
The $100,000 is invested in tax-exempt bond (on which no federal or state tax is levied) that pays annual interest of 4%?