If the nominal value of a benefit in 2011 is $1,500, its real value in 2012, assuming a 3 percent inflation rate, is $1,545.

Name: If the nominal value of a benefit in 2011 is $1,500, its real value in 2012, assuming a 3 percent inflation rate, is $1,545.
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If the nominal value of a benefit in 2011 is $1,500 and the inflation rate is 3 percent, then the real value in 2012 would be $1,456.50 ($1,500/(1+0.03)).

If the Nominal Value of a Benefit in 2011 Is