A friend asks to borrow $57 from you and in return will pay you $60 in one year. If your bank is offering a 6% interest rate on deposits and loans:

(a)How much (in $) would you have in one year if you deposited the $57 instead? (Round your answer to the nearest cent.)

$

(b)How much money (in $) could you borrow today if you pay the bank $60 in one year? (Round your answer to the nearest cent.)

$

(c)Should you loan the money to your friend or deposit it in the bank? (Consider the situation from a purely financial point of view.)

You should (Deposit in bank/ lend to friend) lend the money to your friend deposit the money in the bank because it brings you ---Select---(less/more) less more money at the end of the year.