1. Youve just joined the investment banking firm of Cheatnum and Howe. Theyve offered you two different salary arrangements. You can have $84,000 per year for the next two years, or you can have $72,000 per year for the next two years, along with a $20,000 signing bonus today. The bonus is paid immediately, and the salary is paid in equal amounts at the end of each month. If the interest rate is 6% compounded monthly, which arrangement do you prefer?

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