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Suppose you are offered the alternative of receiving either dollar3,000 at the end of five years of P dollars today. There is no question that

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Suppose you are offered the alternative of receiving either dollar3,000 at the end of five years of P dollars today. There is no question that the dollar3,000 will be paid in full. Because you have no current need for the money, you would deposit the P dollars in an account that pays 8percentagee interest. What value of P would be equivalent to dollar3,000 five years from now? (Assume the 8percentagee interest rate remains constantt.) P = F/(1+r)^n, where P is the dollars today, F is the dollars in future, r is the interest rate expressed as a decimal, and n is the number of years

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