You lent $700 to a friend for one year at a nominal rate of interest of 4 percent. Inflation during that year was 3 percent. Did you experience an increase or decrease in the purchasing power of your money? How much did it increase or decrease?
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Home » Business » You lent $700 to a friend for one year at a nominal rate of interest of 4 percent. Inflation during that year was 3 percent. Did you experience an increase or decrease in the purchasing power of your money? How much did it increase or decrease?