n

$20042004,$

an economyan$$economy

was at full employment.

The quantity of money was growing at

$6\mathrm{.}66\mathrm{.}6$

percent a$$ year, the nominal interest rate was

$3\mathrm{.}13\mathrm{.}1$

percent a$$ year, real GDP grew at

$1\mathrm{.}91\mathrm{.}9$

percent a$$ year, and the inflation rate was

$1\mathrm{.}71\mathrm{.}7$

percent a year.

Calculate the real interest rate.

Question content area bottom

Part $1$

The real interest rate was

enter your response here

percent a year.

$$

$>>>$ Answer to $1$ decimal place.