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If the bank offers you a nominal interest rate of 9 percent on a student loan, and if inflation is 6 percent, then what is the real interest rate?
Adjusting Entry
A journal entry made at the end of the accounting period to allocate income and expenditure to the correct period.
Accounting Period
denotes the specific period of time covered by financial statements, typically a year or a quarter.
Liability Insurance
Insurance that provides protection against claims resulting from injuries and damage to people and/or property.
Prepaid Insurance
An asset account representing insurance payments made in advance for future coverage periods.
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