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A friend asks to borrow $ 4 8 . 0 0 from you and in return will pay you $ 5 1 . 0 0
A friend asks to borrow $ from you and in return will pay you $ in one year. If your bank is offering a interest rate on deposits and loans:
a How much would you have in one year if you deposited the $ instead?
b How much money could you borrow today if you pay the bank $ in one year?
c Should you loan the money to your friend or deposit it in the bank?
a How much would you have in one year if you deposited the $ instead?
If you deposit the $ in the bank today, you will have $ in one year. Round to the nearest cent.
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