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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 fiveyear, compoundinterest GIC purchased for $ earns compounded annually. If the rate of inflation during the fiveyear term is 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 decimal places.
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