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You have $55,000 in a savings account that pays 2% interest per year. The inflation rate that year is 3.24%. To calculate simple interest: Principal
You have $55,000 in a savings account that pays 2% interest per year. The inflation rate that year is 3.24%. To calculate simple interest: Principal x Rate x Time = Interest How much do you make in interest in a year? $ How much would you need to have made for your spending power to keep up with inflation in that year? $ How much buying power did you lose in that year because of inflation? $ Submit
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