Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Merilyn,the owner of the small internet hosting business, loaned $4000 to an employee who promised to repay her $4600 after 8 months.instead loaning this money,if

Merilyn,the owner of the small internet hosting business, loaned $4000 to an employee who promised to repay her $4600 after 8 months.instead 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.

Step by Step Solution

3.40 Rating (147 Votes )

There are 3 Steps involved in it

Step: 1

Answer i PV 4000 ii Months 8 months or 8... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Federal Taxation 2016 Comprehensive

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

29th Edition

134104374, 978-0134104379

More Books

Students also viewed these Finance questions

Question

Apply the product rule for exponents, if possible. y 4 y 5 y 6

Answered: 1 week ago