Answered: Your best friend currently makes…

Your best friend currently makes $60,000 per year at his job. He tells you that, at generally grows at a rate of 4 percent per year. Your friend can expect to make $120,000 per year in years.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Question 08 M

Full explain this question and text typing work only thanks

Your best friend currently makes $60,000 per year at his job. He tells you that, at his firm, salary
generally grows at a rate of 4 percent per year.
Your friend can expect to make $120,000 per year in
years.

When Jade made a loan to his brother Floyd, he charged an interest rate of 8 percent and expected
inflation to be 4.5 percent.
From this we can guess Jade wanted a real return of
percent.

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