For a real interest rate of 12% per year and an inflation rate of 7% per year, the market interest rate per year is closest to: (choose one)
(a) 5.7%
(b) 7%
(c) 12%
(d ) 19.8%
if = 0.12 + 0.07 + (0.12)(0.07) = 0.1984 (19.84%)
Answer is (d) 19.8%
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