You have purchased a new mattress for $2,000, and the store has given you a "12 months, same as cash" deal. this means that you do not actually have to pay for the mattress for another year. one year from now you will have to give the store the full price of $2,000. if the annual interest rate is 10%, how much money do you need today to ensure that you will have $2,000 one year from today?
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You have purchased a new mattress for $2,000, and the store has given you a "12 months, same as cash...
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