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A friend asks to borrow $53 from you and in return will pay you $56 in one year. If your bank is offering you a

A friend asks to borrow $53 from you and in return will pay you $56 in one year. If your bank is offering you a 6.3% interest rate on deposit and loans.

a. How much would you have in one year if you deposited $53 instead?

b.Should you loan the money to your friend or deposit into the bank.

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