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Question 3: For your 21st birthday, your grandfather offers you a gift of $1,000 today. However, you have the choice of waiting 3 years and

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Question 3: For your 21st birthday, your grandfather offers you a gift of $1,000 today. However, you have the choice of waiting 3 years and receiving $1,500 or waiting 5 years and receiving $3,000. If your money grows at a rate of 10% compounded annually, which alternative should you choose? [20 points

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