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A friend asks to borrow $55 from you and in return will pay you $58 in one year. If your bank is offering a 6.0%
A friend asks to borrow $55 from you and in return will pay you $58 in one year. If your bank is offering a 6.0% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $55 instead'? b. How much money could you borrow today if you pay the bank $58 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 $55 instead? If you deposit the money in the bank today you will have in one year. (Round to the nearest cent.) b. How much money could you borrow today if you pay the bank $58 in one year? You will be able to borrow Stoday. (Round to the nearest cent.) c. Should you loan the money to your friend or deposit t in the bank? (Select from the drop-down menu.) borrowstoday, (Round to the nearest cent) From a financial perspective, you should you at the end of the year. as it will result in more money for
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