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Suppose that the only good you purchase is premium bottled water and that at the beginning of the year, the price of a bottle is $2.00. Suppose you lend $1,000 for one year at an interest rate of 10.6 percent. At the end of the year, the price of premium bottled water has risen to $2.17.Calculate the real interest rate on the loan: (Enter your response as a percentage rounded to one decimal place.)
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