Over the past year, you earned a nominal rate of interest of 8% on your money. The inflation rate was 3.5% over the same period. The exact actual growth rate of your purchasing power was A) 15.55%. B) 4.35%. C) 5.02%. D) 4.81%. E) 15.04%.

Question

06-06-2022
Business

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Over the past year, you earned a nominal rate of interest of 8% on your money. The inflation rate was 3.5% over the same period. The exact actual growth rate of your purchasing power was A) 15.55%. B) 4.35%. C) 5.02%. D) 4.81%. E) 15.04%.

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