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Recessions can result in significant reductions in demand. Sometimes in order to generate business during hard times a business will offer a discount to encourage demand. A plywood manufacturing company is planning to expand its production facility at a cost of $3,300,000 one year from now. However, a contractor who needs work has offered to do the job for $2,750,000 provided the company will do the expansion now instead of 1 year from now. If the interest rate is 5% per year, how much of a percentage discount is the company receiving? 10.6% 12.5% 20.0% 17.5% 11.9% 16.7%