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A friend asks to borrow $46 from you and in return will pay you $49 in one year. If your bank is offering a 6.3
A friend asks to borrow $46 from you and in return will pay you $49 in one year. If your bank is offering a 6.3 % interest rate on deposits and loans:
How much money would you have if you deposited the $46 into the bank in lieu of lending it to your friend?
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