A loan of 25,000 was issued on 1 15t July 2019 and was repaid at par on 1st July 2022. Interest was paid on the loan at the rate of 4% per annum, payable annually in arrears. The value of the inflation index at various dates during the term of the loan was as follows: (i) Calculate the effective annual real rate of return achieved by the lender over the term of the loan to the nearest 0.1% per annum. [5 marks] (ii) Comment briefly on your result. [2 marks] [Total 7 marks]