You have $55,000 in a savings account that pays 2% interest per year.
the inflation rate that year is 3.24%.
to calculate simple interest: principal x rate x time = interest

1. how much do you make in interest in a year?

2. how much would you need to have made for your spending power to keep up with inflation in that year?

3. how much buying power did you lose in that year because of inflation?