Question: What is the implied interest rate for the first choice and which investment should you choose? Suppose you want to buy some new furniture for

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

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

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