You will receive $100 from a zero-coupon savings bond in 3 years. The nominal interest rate is 8.60%.

a.What is the present value of the proceeds from the bond?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

b.If the inflation rate over the next few years is expected to be 3.60%, what will the real value of the $100 payoff be in terms of today's dollars?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

c.What is the real interest rate?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

d.Show that the real payoff from the bond [from part (b)] discounted at the real interest rate [from part (c)] gives the same present value for the bond as you found in part (a).(Do not round intermediate calculations. Round your answer to 2 decimal places.)