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11) A bond offers a nominal rate of interest is 12.0% per annum. If expected inflation is 3.5% per annum, the real rate of interest

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A bond offers a nominal rate of interest is 12.0% per annum. If expected inflation is 3.5% per annum, the real rate of interest per annum, according to the exact Fisher equation, is closest to (in percentage to nearest two decimal places; do not use the percentage sign eg 2.881% is 2.88):

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