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Modcloth was founded in 2002 by Susan Gregg Koger and Eric Koger. Susan and Eric were students at Carnegie Mellon University and launched ModCloth as a website to sell used vintage dresses. [4] ModCloth grossed $18,000 in revenue in 2005 and received its first round of seed funding in 2008. [5] In 2009, ModCloth reported $15 million in revenue ...
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[149] [150] In October 2016, Telexfree co-owner James Merrill pleaded guilty. [ 151 ] [ 152 ] Telexfree was a multibillion-dollar Ponzi scheme desguised as an internet phone service company. Prosecutors have described it as the largest fraud of all time in terms of the number of people affected—more than 1 million, with victims in various ...
Hyperbolic discounting is mathematically described as. where g ( D) is the discount factor that multiplies the value of the reward, D is the delay in the reward, and k is a parameter governing the degree of discounting (for example, the interest rate ). This is compared with the formula for exponential discounting:
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