Suppose you will receive payments of $12,000 at the beginning of the next 9 years (i.e., the first payment is today). What is the present value of all the payments? The interest rate is 3%.

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If the nominal interest rate is 7.7% and the inflation rate is 3.9%, what is the real interest rate? Use the exact formulation rather than the approximation. Enter your answer as a percentage. Do not enter the percentage sign as part of your answer.

Enter your response below (rounded to 2 decimal places).