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IV. (5pts) You have an amount with you today (August 26,2014) that can buy you a bag of groceries worth Php1,250.00. Suppose that you would

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IV. (5pts) You have an amount with you today (August 26,2014) that can buy you a bag of groceries worth Php1,250.00. Suppose that you would want to buy the same things in the bag of groceries five years from now. Suppose further that the inflation rate is 6% for the next five years. Interest rate is 7% each year. How much would you need to pay for that bag of groceries five years from now

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