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A local car dealer is advertising a standard 2 4 - month lease of $ 7 0 0 per month for its new XT 3

A local car dealer is advertising a standard 24-month lease of $700 per month for its new XT 3000 series sports car. The standard lease requires a down payment of $2,400, plus a $1.500 refundable initial deposit now. The first lease payment is due at the beginning of month 1.In addition, the company offers a 24-month lease plan that has a single up-front payment of $24,800, plus a refundable initial deposit of $1,500. Under both options, the initial deposit will be refunded at the end of month 24. Assume an interest rate of 6% compounded monthly. With the present-Worth criterion, which is preferred?

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