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A term deposit will be worth $48,000 in 8 years' time. It grows at a simple interest rate of 9%per annum. A government bond will

A term deposit will be worth $48,000 in 8 years' time. It grows at a simple interest rate of 9%per annum. A government bond will be worth $59,000 in 11 years' time. The government bond grows at a simple interest rate of 8% per annum.

Calculate the present value of each and find out which is the better investment.

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