Assume that last year, the nominal interest rate earned was 9.8 percent while the inflation rate was 1.4 percent. What was the real interest rate last year? (Use the approximate relationship for the real interest rate)

Assume that last year, the nominal interest rate earned was 9.8 percent while the inflation rate was 1.4 percent. What was the real interest rate last year? (Use the approximate relationship for the real interest rate) OA) 10.60 percent B) 8.40 percent C) 7.40percent D) 11.20 percent E) 9.00 percent