Jeff receives a medical bill that is due to be paid in full within 45...
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Jeff receives a medical bill that is due to be paid in full within days. If Jeff pays within days, he receives a discount. Jeff has two choices: Pay the bill in days for of the amount due in days. In days, deposit of the amount due in days. The deposit will earn an annual simple interest rate of i for days, at which time Jeff will use the proceeds to pay the bill in full. There are days in a year. What is the minimum value of i that will cause Jeff to choose the second option?
Jeff receives a medical bill that is due to be paid in full within days.
If Jeff pays within days, he receives a discount.
Jeff has two choices:
Pay the bill in days for of the amount due in days.
In days, deposit of the amount due in days. The deposit will earn an annual simple interest rate of i for days, at which time Jeff will use the proceeds to pay the bill in full.
There are days in a year.
What is the minimum value of i that will cause Jeff to choose the second option?
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