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You borrow money from Fast Eddie’s Fast Cash at 20 percent per year interest and agree to pay $500 at the end of each of the next four years. You must have borrowed approximately:a. $2,000 b. $1,595c. $1,295d. $1,095

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Answer:

The answer is C. $1,295

Explanation:

This question wants us to find the prevent value of all the $500 for those for years.

Please find the attached file for the calculation

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