David invests $50,000 in a bond that pays no interest over 10 years. During this time, inflation is constant at 2.5% per year. What will the present value of the $50,000 investment be at the end of the 10 years? Use this formula to calculate the present value while accounting for inflation: present value is equal to the fraction with numerator future value and denominator open paren 1 plus annual inflation rate close paren to the number of years th power