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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

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%

 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.

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