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Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $2,600 with payment due today.

Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $2,600 with payment due today. The second store offers the two ovens for $2,800 due in one year.

Required: 1-a. Assuming an annual discount rate of 9%, calculate the present value of both ovens.

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