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Explain mental accounting

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Tom purchased a digital camera worth $500. There was a rebate promotion worth $20 at the time of purchase where he had the option to select one of two ways to pay for his camera. Option 1, pay $480. Option 2, pay $500 now and receive the rebate of $20 within a week of his purchase. Based on what we learned in mental accounting, which option would most people prefer?

Reference no: EM133244220

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