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Jamie borrowed $1000 from her uncle for one year. her uncle wanted Jamie to learn a thing or two about interest rates, so he told
Jamie borrowed $1000 from her uncle for one year. her uncle wanted Jamie to learn a thing or two about interest rates, so he told Jamie only that he wanted his actual interest rate to be 5%. In additio, he mentioned that he expected inflation to be 3% over the loan period. If Jamie promised to pay her uncle back in a full at the end of the year, how much did Jamie need to pay him?
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