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1. Assume that the inflation rates observed over the last 12 years are as follows: 3% over the first 4 years, 6% over the next

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1. Assume that the inflation rates observed over the last 12 years are as follows: 3% over the first 4 years, 6% over the next 5 years and 4% over the next 3 years. What is the average inflation rate over the 12-year period

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