If the rate of discount is 20 percent?
a. would you rather receive $100 today or $120 in one year?
b. Would you rather receive $205 today or $240 in one year?
c. Would you rather receive $500 in one year or $610 in two years?

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$100 today rather than $120 in one year because after the rate of discount the $120 would only be worth $54.55.