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Josephine is seeking to expand her rare stamp collection. Each year, rare stamps increase in price at a 3% rate. She believes that if she
Josephine is seeking to expand her rare stamp collection. Each year, rare stamps increase in price at a 3% rate. She believes that if she invests her money for one year, she should be able to buy 16 stamps for what 15 stamps wold cost today. What is her real interest rate? A) 4.23% B) 5.33% C) 6.33% OD) 6.67%
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