Jonas recently purchased a one-year membership at Golds Gym. He can add a second year to the

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Jonas recently purchased a one-year membership at Gold’s Gym. He can add a second year to the membership now for $1215, or wait 11 months and pay the regular single- year price of $1280. Which is the better economic alternative if money is worth 8.5%? At what discount rate would the alternatives be equivalent?
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