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X's current income is $50,000; next year he will earn $35,000. he plans to consume $20,000 this year. X can save and borrow at an

X's current income is $50,000; next year he will earn $35,000. he plans to consume $20,000 this year. X can save and borrow at an interest rate of 9 percent. What will X's consumption potential be next year? (3 marks)

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