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P 3-17 (similar to) Suppose the interest rate is 3.6%. a. Having $400 today is equivalent to having what amount in one year? b. Having

P 3-17 (similar to) Suppose the interest rate is 3.6%. a. Having $400 today is equivalent to having what amount in one year? b. Having $400 in one year is equivalent to having what amount today? c. Which would you prefer, $400 today or $400 in one year? Does your answer depend on when you need the money? Why or why not

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