This is expressed by saying that while the money rate of interest was 5 per cent, the real rate of interest had actually been negative and equal to minus 51/2 per cent.
In the same way, if at the end of the period the value of money had risen and the capital sum lent had come to be worth 110 in terms of commodities, while the money rate of interest would still be 5 per cent the real rate of interest would have been 151/2 per cent.