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Joseph has 2 options for purchasing a block of land. Option 1: Purchase the land for $8600 today Option 2: Purchase the land for 4825
Joseph has 2 options for purchasing a block of land. Option 1: Purchase the land for $8600 today Option 2: Purchase the land for 4825 in 3 years and $5000 in 4 years. Which option is better if money can be invested at j4=3% and how much better is this option at the time of the second payment?
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