1. Elderly on a fixed income
2. Renters who live in a rent controlled apartment
3. People who are paying on a loan with adjustable interest rates
4. Banks who are collecting on loans with adjustable interest rates

Who is harmed the MOST during periods of unexpected inflation?
A) 1
B) 1 and 3
C) 1, 2, and 3
D) 2 and 4