The MagicSoft software company has a proposal to the city council of Alva, Florida, to relocate there. The proposal claims that the company will generate $3.3 million for the local economy by the $1 million in salaries that will be paid. The city council estimates that 70% of the salaries will be spent in the local community and 70% of that money will again be spent in the community, and so on.What is the correct estimate of the amount generated to the local economy?a.$3.3 millionc.$2.7 millionb.$2.3 milliond.$1.9 million