Question: A friend asks to borrow $ 5 3 from you and in return will pay you $ 5 6 in one year. If your bank

A friend asks to borrow $53 from you and in return will pay you $56 in one year. If your bank is offering a 6.3% interest rate on deposits and loans:a. How much would you have in one year if you deposited the $53 instead?b. How much money could you borrow today if you pay the bank $56 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 $53 instead?If you deposit the money in the bank today you will have $ year. (Round to the nearest cent.)

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