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Sergio039 [100]
2 years ago
15

Over the past year, you earned a nominal rate of interest of 10% on your money. The inflation rate was 5% over the same period.

The exact actual growth rate of your purchasing power was____________.
Business
1 answer:
zimovet [89]2 years ago
3 0

Answer:

exact actual growth rate of your purchasing power was 4.8%

Explanation:

given data

nominal rate of interest = 10%

inflation rate =  5%

solution

we get here exact actual growth rate that is express as

exact actual growth rate = \frac{1+rate\ of\ interest}{1+inflation\ rate} - 1      ..........................1

put here value and we will get

exact actual growth rate = \frac{1+0.10}{1+0.05} - 1

exact actual growth rate = 4.8 %

so here exact actual growth rate of your purchasing power was 4.8%  

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