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Given the information in the table answer the following


Given the information in the table, answer the following questions.

Year 2001 nominal GDP 500 Real GDP 400 Real interest rate 3%

Year 2002 nominal GDP 545 Real GDP 420 Real interest rate 4%

Year 2003 nominal GDP 620 Real GDP 430 Real interest rate 2%

  1. Given the above information, what is the inflation rate in 2002?
  2. what is the cost of holding $1 money in 2002?

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