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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 $($ CD $)$ 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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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 (CD) 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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Step: 1

Get Instant Access with AI-Powered Solutions

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You invest $ $1, 000$ today in a certificate of deposit $($ CD $)$ 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?