Multiple Choice
Tony loaned $1,000 to Dave for one year, with the understanding that Dave would repay $1,070 to Tony.If the actual inflation rate was 7 percent, what was the real rate of interest Tony received?
A) 14 percent
B) 7 percent
C) 4 percent
D) 0 percent
Correct Answer:
Verified
Correct Answer:
Verified
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