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Assume that the current equilibrium price for a barrel of oil is $30 and the interest rate is 7.00 percent. Round answers to the nearest

Assume that the current equilibrium price for a barrel of oil is $30 and the interest rate is 7.00 percent. Round answers to the nearest whole number.

a)What does the price of oil need to be in 4 years to justify extracting it now?

b)What will happen if oil producers think that the price of a barrel of oil in 4 years will be more than this figure?

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