- Future Value Calculation: \( FV = PV \times (1 + r)…

- Future Value Calculation:
\( FV = PV \times (1 + r)^n \)

Where:
- \( PV \) is the present value ($1,000,000)
- \( r \) is the annual inflation rate (0.03 for 3%)
- \( n \) is the number of years (7)

- This calculation would result in approximately $1,229,968 needed in 2030.