C. Mr. Garcia invests $20,000,000 at an interest rate of 2% per month for one year. During the first month inflation was 1.06%, for the second month 2.3% and thereafter inflation remained constant at 0.9%. Determine whether Mr. Garcia made money or lost money. Why? (Develop in Excel)

D. What nominal annual interest rate compounded monthly equals to: (Develop in Excel)

a. 33% annual effective

b. 34% nominal annual interest compoundable quarterly