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12 November, 01:38

Cambridge State Bank is paying 7% interest on its one-year certificate of deposit. Ifthe inflation rate is 4%, which of the following is the best approximation for the realrate of interest that Cambridge State Bank is paying? a. 2.88 %b. 1 ¾ %c. 3 %d. 11 %

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  1. 12 November, 03:03
    0
    Answer: answer is C

    Explanation:

    Interest rate - Inflation rate

    = 7% - 4%

    = 3%
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