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The nominal, risk-free rate on T-bills recently is 2.34%. If the real rate of interest is 1.07%, what is the expected level of inflation? The

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The nominal, risk-free rate on T-bills recently is 2.34%. If the real rate of interest is 1.07%, what is the expected level of inflation? The expected level of inflation, IP, is %. (Round to two decimal places.)

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