12. Suppose that 4 pounds of grapes yields one bottle of wine after 2 years...
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12. Suppose that 4 pounds of grapes yields one bottle of wine after 2 years of fermentation with no costs beside the price paid for grapes and waiting. If one bottle of wine costs $12.10 and the annual rate of interest is 10%, what is the price of 1 pound of grapes? (Hint: The present value refers to the total price of inputs)
| $10 | ||
| $2.50 | ||
| $11.00 | ||
| $2.00 |
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