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If Treasury bills are currently paying 6.4 percent and the inflation rate is 1.5 percent, what is the approximate and the exact real rate of interest? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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