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Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store...

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Accounting

Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $3,000 with payment due today. The second store offers the two ovens for $3,200 due in one year.
Required:
1-a. Assuming an annual discount rate of 8%, calculate the present value.
1-b. From which store should Ray and Rachel buy their ovens?

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