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September 1, 2015

Homework Help: Engineering Econonmy

Posted by nutz77 on Thursday, February 21, 2013 at 3:51pm.

For your 21st birthday, your grandfather offers you a gift of $1000 today.

However, you have the choice of waiting 3 years and receiving $1500 OR waiting 5 years and receiving $3000.

If your money grows at a rate of 8 percent compounded annually, which alternative should you choose?

Thank you for your help!

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