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Please solve the following question with detailed solution. a. You have been offered an investment that will pay you 9% per year. If you invest

Please solve the following question with detailed solution.

a. You have been offered an investment that will pay you 9% per year. If you invest $15,000, how long until you have $45,000? b. Which do you prefer $5,500 cash now, or $1200 each year for 5 years? Assume a discount rate of 10%

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