Tony Lent Dave $1,000 for One Year with the Understanding

question 26

Multiple Choice

Tony lent Dave $1,000 for one year with the understanding that Dave would repay $1,070.If the actual inflation rate was 7 percent,what was the real rate of interest Tony received?

• A)14 percent
• B)7 percent
• C)4 percent
• D)0 percent
• E)-7 percent

---

Definitions:

Attractive

Qualities or features that evoke interest or desire, often used in relation to physical appearance or personality.

Single

A term often used to describe an individual who is not currently in a marital or committed romantic relationship.

Tiny Revolution

A small-scale change or shift that challenges existing norms or systems, often in a specific community or context.

George Orwell

A British writer and journalist, best known for his novels "1984" and "Animal Farm," which explore themes of totalitarianism, social injustice, and the misuse of power.