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1. At EOY 2022, JensBank offers a one year CD with an APR of 8%, (convert the APR to an EAIR) compounded quarterly. Inflation (r

1. At EOY 2022, JensBank offers a one year CD with an APR of 8%, (convert the APR to an EAIR) compounded quarterly. Inflation (rinf) is running at 7% annually. What is the real rate of return on this CD? Do not round intermediate calculations. Round your answer to four decimal places and do not represent your answer as a percent.

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