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8. It is Thanksgiving, and you are signing your kids up for summer camp for the following summer. The total comes to $5,000, due at
8. It is Thanksgiving, and you are signing your kids up for summer camp for the following summer. The total comes to $5,000, due at the start of camp (July 1). The camp tells you that if you pay the total bill by January 1, they will discount it to $4,800. Current competitive rate of interest is 8 percent and your bank compounds monthly. Is this a good deal?
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