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2.How rich is rich: J.D. Rockefeller was worth about $1 billion in 1910. Bill Gates is worth about $50 billion dollars today. Assuming an inflation rate of 3% per year, calculate Bill Gates’ real wealth (in 1910 dollars). (5)
Deflating Gates' wealth to 1910 dollars:$50/(1.03)^89 =$3.601bn