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Posted on Jul 23, 2024

You invest $ 1 , 0 0 0 today in a certificate of deposit ( CD ) at your local bank that will pay you

You invest $

1, 000

today in a certificate of deposit

(

)

at your local bank that will pay you

13.0 %

APR.

*

If inflation over that year is

4.0 %,

by approximately how much did your real spending power increase?

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