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4. Suppose an investor expects to sell a property three years from now for $93,000. If the investor requires an 8.5% annual rate of return,

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4. Suppose an investor expects to sell a property three years from now for $93,000. If the investor requires an 8.5% annual rate of return, what is the maximum price he is willing to pay today? (Hint: Find the present value of the expected sale price three years from now.) 1. $72,810 2. $73,360 3. $74,250 4. $75,780

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