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please help with this question! On January 1, 2012, Albert invested $3,000 at 3 percent interest per year for three years. The CPI (times 100)
please help with this question!
On January 1, 2012, Albert invested $3,000 at 3 percent interest per year for three years. The CPI (times 100) on January 1, 2012, stood at 100. On January 1, 2013, the CPI was 103; on January 1, 2014, it was 105; and on January 1, 2015, the day Albert's investment matured, the CPI was 107. Find the real rate of interest earned by Albert in each of the three years and his total real return over the three-year period. Assume that interest earnings are reinvested each year and themselves earn interest. Enter your responses rounded to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Total real rate of return: %Step by Step Solution
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