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1. You need $500. Suppose you can obtain it by promising to pay $550 in 3 months or you can borrow $1000 and repay $1120

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1. You need $500. Suppose you can obtain it by promising to pay $550 in 3 months or you can borrow $1000 and repay $1120 in 3 months. If any money over $500 can be invested at 10% effective annual compounded monthly, find the amount of money you can make (or lose) if you choose the reinvesting option

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