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Nick has lost faith in the banks, and has decided to diversify his portfolio by keeping some money under his mattress. He decides to put

Nick has lost faith in the banks, and has decided to diversify his portfolio by keeping some money under his mattress. He decides to put $4000 under his mattress and $4500 in a GIC with a 12% annual interest rate (compounded continuously). If there is a 7% annual inflation rate, when will the real value of Nick's investments be at a minimum?

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