Answered step by step
Verified Expert Solution
Question
1 Approved Answer
54. A one year GIC certificate has a real interest rate of 2%. If the inflation is rate is 1%, what is the exact value
54. A one year GIC certificate has a real interest rate of 2%. If the inflation is rate is 1%, what is the exact value of the nominal interest rate?
Select one:
a. 0.99%
b. 3.02%
c. 2.98%
d. 3.00%
e. None of THESE
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started