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Problem 1 2 - 1 1 ( Algo ) Required: If the nominal interest rate is 9 % and the inflation rate is 3 %

Problem

12 - 11 (

Algo

)

Required:

If the nominal interest rate is

9 %

and the inflation rate is

3 %,

what is the real interest rate?

(

Do not round intermediate calculations.

Round your answer to

2

decimal places.

)

Real interest rate

%

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