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You are researching two bonds. The first offers a nominal APR of 9%, compounded monthly. The other is in inflation-protected and offers a real APR

You are researching two bonds. The first offers a nominal APR of 9%, compounded monthly. The other is \in inflation-protected" and offers a real APR of 5%, compounded semi-annually. Assume that inflation is 4% APR, compounded annually. Which bond is offering the higher rate?

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