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A five - year, compound - interest GIC purchased for $ 1 0 0 0 earns 4 % compounded annually. If the rate of inflation

A five-year, compound-interest GIC purchased for $1000 earns 4% compounded annually. If the rate of inflation during the five-year term is 2.2% per year, what will be the percent increase in the purchasing power of the invested funds over the entire five years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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