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The bank lends Raj $19,000 with the agreement that he will pay an interest of $1800 in one year. CPI today is 100, and it

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The bank lends Raj $19,000 with the agreement that he will pay an interest of $1800 in one year. CPI today is 100, and it is expected to be 101 next year. Using the approximation method, the real interest rate that Raj is expected to pay the bank is _ __ percent. Do not enter the % sign. Round to two decimal places if required. For example, if the rate is 12.575%, enter 12.58

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