A company has a money cost of capital of $21 %$ per annum. The inflation rate is

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A company has a money cost of capital of $21 \%$ per annum. The inflation rate is currently estimated at $9 \%$ per annum.

Identify the real cost of capital:

A. $9 \%$

B. $11 \%$

C. $12 \%$

D. $14 \%$

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