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Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $3,500 with payment due today.

Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $3,500 with payment due today. The second store offers the two ovens for $3,700 due in one year. Required: 1-a. Assuming an annual discount rate of 9%, calculate the present value. 1-b. From which store should Ray and Rachel buy their ovens?

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