If you are promised a nominal return of $12\%$ on a one year investment, and you expect the rate of inflation to

be $3\%,$ what real rate do you expect to carn according to the Fisher Effect?

$15\mathrm{.}00\%$

$9\mathrm{.}00\%$

$12\mathrm{.}00\%$

$5\mathrm{.}48\%$

$8\mathrm{.}74\%$