Table 24-4 Lee's Expenditures on Food for Three Consecutive Years, Along with Along

Multiple Choice

Table 24-4
Lee's expenditures on food for three consecutive years, along with other values, are presented in the following table.
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-Refer to Table 24-4. If the nominal interest rate was 12 percent in Year 2, then

A) the real interest rate in Year 2 was 6 percent.
B) the real interest rate in Year 2 was 18 percent.
C) Lee's Year 1 food expenditures in Year 2 dollars amount to $5,800.
D) Lee's Year 1 food expenditures in Year 3 dollars amount to $6,200.