Problem $6-11$ Nominal and Real Returns $[$LO $4]$

An investment offers a total return of $11$ percent over the coming year. Janice Yellen thinks the total real return on this investment will

be only $8\mathrm{.}4$ percent. What does Janice believe the inflation rate will be over the next year?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

$\backslash$table$[[$Inflation rate,$\%$