For a real interest rate of 1% per month and an inflation rate of 1% per month, the nominal inflated interest rate per year is closest to: (choose one)
(a) 1%
(b) 2%
(c) 24%
(d ) 24.12%
if per month = 0.01 + 0.01 + (0.01)(0.01) = 0.0201 (2.01%)
Nominal per year = 2.01(12) = 24.12%
Answer is (d) 24.12%
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