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A friend asks to borrow $ 5 5 from you and in return will pay you $ 5 8 in one year. If your bank

A friend asks to borrow $

55

from you and in return will pay you $

58

in one year. If your bank is offering a

6 %

interest rate on deposits and loans:

How much money could you borrow today if you pay the bank $

58

in one year?

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