BUSINESS HIGH SCHOOL

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____________.

Answers

Answer 1

Answer:

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 = $(1+rate\ of\ interest)/(1+inflation\ rate) - 1$ ..........................1

put here value and we will get

exact actual growth rate = $(1+0.10)/(1+0.05) - 1$

exact actual growth rate = 4.8 %

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

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Answer:

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Answers

Answer:

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Explanation:

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Final answer:

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Explanation:

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Learn more about Job Interview Preparation here:

brainly.com/question/28784869

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Answers

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