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If Treasury bills are currently paying 6.65 percent and the inflation rate is 3 percent, what is the approximate and the exact real rate of

If Treasury bills are currently paying 6.65 percent and the inflation rate is 3 percent, what is the approximate and the exact real rate of interest? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

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