Present value. Susie bets you $1,000 that she can run a mile in five minutes. You obviously

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Present value. Susie bets you $1,000 that she can run a mile in five minutes.

You obviously don’t believe her, so you agree to take on the bet. However, at the last minute, she informs you that she doesn’t have the money right now but promises to pay you in six months, when her student loans come in. If the APR is 10%, compounded quarterly, how much would your winnings actually be worth now should you win the bet?

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