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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.

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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.
Transcribed Image Text: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.
Transcribed Image Text: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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