bank paying 10% compounded annually, inflation is expected to be 14.5% per year, then what is inflation rate.
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Explanation:
Divide the rate by 12 to calculate the average rate for each month. For example, 3.85 percent divided by 12 is 0.321 percent per month. Convert the inflation rate to a decimal and multiply this by the cost of a good (product) in one month to estimate its cost the next month.
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