Solved: Amount of the exemption for the upcoming tax year, Accounting Basics

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Amount of the exemption for the upcoming tax year

Question: Each year the I.R.S. adjusts the value of an exemption based on inflation (and rounded to the nearest $50). In a recent year if the exemption was worth $3,100 and inflation was 4.7%, what would be the amount of the exemption for the upcoming tax year?

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Accounting Basics: Amount of the exemption for the upcoming tax year

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