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Chang Lee is going to receive $ 2 0 , 0 0 0 six years from now. Sao Lee is going to receive $ 2
Chang Lee is going to receive $ six years from now. Sao Lee is going to receive $ nine years from now.
Which one of the following statements is correct if both individuals apply a discount rate of percent?
AThe present values of Chang Lee's and Sao Lee's money are equal.
BIn future dollars, Sao Lee's money is worth more than Chang Lee's money.
CIn today's dollars, Chang Lee's money is worth more than Sao Lee's.
DTwenty years from now, the value of Chang Lee's money will equal the value of Sao Lee's money.
ESao Lee's money is worth more than Chang Lee's money given the percent discount rate.
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