Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Merilyn, the owner of a small internet hosting business, loaned $4000 to an employee who promised to repay her $4600 after 8 months. Instead of
Merilyn, the owner of a small internet hosting business, loaned $4000 to an employee who promised to repay her $4600 after 8 months. Instead of loaning this money, if she had invested it in her local bank where the interest rate was 1.5% less than what she was offering her employee, how much would she have had in the bank at the end of 8 months? HINT: First calculate the interest rate that would have been charged on the loan. Select one O a. $4445.32 b $4439.65 c. $4193.85 d. $4839.22 e. $4560.00 O O
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started