You observe that the inflation rate in the United States is 3.5 percent per year and that T-bills currently yield 4.1 percent annually.

a. What do you estimate the inflation rate to be in Australia, if short-term Australian government securities yield 4 percent per year? (Enter your answer as a percent rounded to 1 decimal place, e.g., 32.1.)

b. What do you estimate the inflation rate to be in Canada, if short-term Canadian government securities yield 7 percent per year? (Enter your answer as a percent rounded to 1 decimal place, e.g., 32.1.)

c. What do you estimate the inflation rate to be in Taiwan, if short-term Taiwanese government securities yield 9 percent per year? (Enter your answer as a percent rounded to 1 decimal place, e.g., 32.1.)