Zane Perelli currently has 116 ​$ that he can spend today on socks costing $2.90 each. ​ Alternatively, he could invest the ​$116 in a​ risk-free U.S. Treasury security that is expected to earn a 11 % nominal rate of interest. The consensus forecast of leading economists is a 3​% rate of inflation over the coming year. a. How many socks can Zane purchase​ today? b. How much money will Zane have at the end of 1 year if he forgoes purchasing the socks today and invests his money​ instead? ​ (Ignore taxes.) c. How much would you expect the socks to cost at the end of 1 year in light of the expected​ inflation? d. Use your findings in parts b and c to determine how many socks​ (fractions are​ OK) Zane can purchase at the end of 1 year. In percentage​ terms, how many more or fewer socks can Zane buy at the end of 1​ year? e. What is​ Zane's real rate of return over the​ year? How is it related to the percentage change in​ Zane's buying power found in part d​? Explain.