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Suppose you have the alternative of receiving either $22,000 at the end of 15 years or P dollars today. You do not need the money,

"Suppose you have the alternative of receiving either $22,000 at the end of 15 years or P dollars today. You do not need the money, so you could deposit the P dollars in a bank that pays 6.5 % interest. What value of P would make you indifferent in your choice between P dollars today and receiving $22,000 at the end of 15 years?"

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