Mance wants to borrow money, but he doesn't want to pay more than \[11\%\] real interest per year. He expects the annual rate of inflation to be \[3\%\] each year during the life of the loan. Based on this information, what is the highest nominal interest that he will be willing to pay? Choose 1 answer: Choose 1 answer: (Choice A) \[3\%\] A \[3\%\] (Choice B) \[11\%\] B \[11\%\] (Choice C) \[8\%\] C \[8\%\] (Choice D) \[14\%\] D \[14\%\] (Choice E) This cannot be determined without more information E This cannot be determined without more information