Jake loaned elwood $5,000 for one year at a nominal interest rate of 10 percent. after elwood repaid the loan in full, jake complained that he could buy 4 percent fewer goods with the money elwood gave him than he could before he loaned elwood the $5,000. from this, we can conclude that the rate of inflation during the year was

rate of inflation during the year was 14%

Explanation:

we know here Jake loaned Elwood = $5000

time = 1 year

rate = 10 %

rate = 4 %

so here we can say this will happen when actual inflation rate is high as compare to expected inflation rate

and we have given 10 % inflation rate need and

it was high by 4 % of fewer good

so rate is total 14%

so correct answer rate of inflation during the year was 14%

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