alculate the real interest rate if Nominal Interest rate is 3% and inflation rate is 1%

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter22: Money Growth And Inflation
Section22.2: The Costs Of Inflation
Problem 2QQ
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Calculate the real interest rate if Nominal Interest rate is 3% and inflation rate is 1%

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