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An item can be purchased for $9300 cash (Deal 1). The same item can be purchased by paying $2325 down and $7905 at the end

An item can be purchased for $9300 cash (Deal 1). The same item can be purchased by paying $2325 down and $7905 at the end of 5 years (Deal 2). If money is worth 9% compounded monthly to the buyer...

a) which is the better deal, 1 or 2

b) and by how much $ now?

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