If we read that the CPI had a value of 116 in 2016, we would know that ________

Group of answer choices

the typical market basket in the base year was 116 percent more expensive than in 2016

the typical market basket in 2016 was 116 percent more expensive than in the base year

the typical market basket in 2016 was 16 percent more expensive than in the base year

the typical market basket in 2016 was 16 percent more expensive than in the previous year

None of choices are correct answers.

Jordan loaned Taylor $1,000 on March 15, 2009. Taylor returned $1,100 on March 14, 2010. Inflation was 2% over the 1-year period. What is the real interest rate that Taylor paid?

Group of answer choices

2%

8%

5%

7%

3%