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ECON 2305 Suppose that in some tax year you earned a nominal interest rate of...

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Accounting

ECON 2305

Suppose that in some tax year you earned a nominal interest rate of 6% During the time you held these funds inflation was 1% You compute that you made a real after tax interest rate of 3% What was your tax rate?

Answer: 33.3%

Can someone explain me step by step how they got 33.3% as the answer.

Thank you

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