Consumption Choices Rich Pettit is a miser. His current income is $50,000; next year he will earn
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Consumption Choices Rich Pettit is a miser. His current income is $50,000; next year he will earn $60,000. He plans to consume only $35,000 this year. The current interest rate is 12 percent. What will Rich’s consumption potential be next year? LO.1
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