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  3. nathan deposited $5,000 in his bank account 12 yea

Nathan deposited $5,000 in his bank account 12 years ago. His current bank account balance...

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Finance

Nathan deposited $5,000 in his bank account 12 years ago. His current bank account balance is $15,000. Suppose the bank has been paying a fixed interest rate in the past 12 years, and interest is compounded annually, calculate the real rate of interest if the inflation rate has been 3% p.a.

How would I answer this I don't understand how to get a real rate of interest?

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