Suppose valerie is an avid reader and buys only mystery novels. valerie deposits $3,000 in a bank account that pays an annual nominal interest rate of 15%. assume this interest rate is fixed—that is, it won't change over time. at the time of her deposit, a mystery novel is priced at $15.00. initially, the purchasing power of valerie's $3,000 deposit is mystery novels.

200 mystery novels.

Explanation:

Giving the following information:

Valerie deposits $3,000 in a bank account that pays an annual nominal interest rate of 15%. At the time of her deposit, a mystery novel is priced at $15.00.

Purchasing power= $3,000/$15= 200 mystery novels.

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