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Find what is the implied interest rate for the first choice

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Reference no: EM132617136

Problem 1: What is the implied interest rate for the first choice and which investment should you choose?

Problem 2: Suppose you want to buy some new furniture for your family room. You currently have $500 and the furniture you want costs $600. If you can earn 6%, how long will you have to wait if you don't add any additional money?

Problem 3: If you could invest the money at 8%, would you have to invest more or less than your answer above? How much?

Reference no: EM132617136

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