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oProficient-level: Compute the present value of a $850 payment made in 10 years when the discount rate is 8 percent. (Cornett, Adair, & Nofsinger, 2016).

oProficient-level: "Compute the present value of a $850 payment made in 10 years when the discount rate is 8 percent." (Cornett, Adair, & Nofsinger, 2016).

oRecalculate the present value, using an 7-percent discount rate, and again, using a 9-percent discount rate.

oDistinguished-level: Describe the relationship between changes in interest rates and the ensuing changes in present values.

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