If Treasury bills are currently paying $2\mathrm{.}80$ percent and the inflation rate is $1\mathrm{.}60$ percent, what

is the approximate real rate of interest?

$1\mathrm{.}60$ percent

$4\mathrm{.}40$ percent

$2\mathrm{.}80$ percent

$1\mathrm{.}20$ percent

$1\mathrm{.}80$ percent