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An investment offers a total return of 11 percent over the coming year. Bill Bernanke thinks the total real return on this investment will be

An investment offers a total return of 11 percent over the coming year. Bill Bernanke thinks the total real return on this investment will be only 7.4 percent.

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What does Bill believe the inflation rate will be over the next year? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

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