The bank is paying 7.11% compounded annually. The inflation is expected to be 3.59% per year. What is the inflation rate? Enter your answer as percentage, without the % sign. Provide 2 decimal places. For example, if 12.34%, enter: 12.34

The bank is paying 7.11% compounded annually. The inflation is expected to be 3.59% per year. What is the inflation rate? Enter your answer as percentage, without the % sign. Provide 2 decimal places. For example, if 12.34%, enter: 12.34

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter13: Inflation

Section: Chapter Questions

Problem 7SQP

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The bank is paying 7.11% compounded annually. The inflation is expected to be 3.59% per year.
What is the inflation rate?
Enter your answer as percentage, without the % sign. Provide 2 decimal places.
For example, if 12.34%, enter: 12.34

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