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Louis knows that when he graduates from York University in 4 years time, he will receive $ 1 0 0 0 0 from his great

Louis knows that when he graduates from York University in

4

years time, he will

receive $

10 000

from his great grandmother, Elizabeth. However, he needs

money today to pay his tuition. If the simple discount rate is

5 %

.

.,

how much

money will the present value of $

10 000

provide to pay his bills today?

ANSWER: $

8000

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