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If the Interest Rate Is 7 Percent,$500 Received at the End

Question 29

Multiple Choice

If the interest rate is 7 percent,$500 received at the end of nine years is worth how much today?

A) 500/(0.07) ⁹
B) 500/(1 + .07) ⁹
C) 500/(1 + 7) ⁹
D) 500

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