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MAT Dar Yar Taylor w I. 120S00069 120 4Soor USU COD 0.00267 I. T. (1) Tas . 25.000 - 16000 $4,000 A> (15) = (y A5104941 Name Don Yae Taylor MATH 115 McClure Finance Take Home Test Directions: Each problem in 1-5 has been incorrectly solved by a student. The incorrect solution is provided. For #1-5, do TWO things. First, weite an explanation of the student's error(). Second, show how to correctly solve the problem using the formulas given in the Unit 3 notes and provide the correct answer. 1. Your friend borrows 3475 and agrees to pay the loan back in five months with interest. The simple interestis 2.7% per month Determine the total amount your friend will owe you pas) Incorrect Solution Explanation of Error(s): Correct Work and Solution: I=Prt I= 475(0.27)(5) I = $.641.25 2 Tia deposit $1000 in an account paying 49% interest, compounded quarterly. How much interest will she eam in 5 years? Opu) Incorrect Solution: Explanation of Error(s): Correct Work and Solutions A =P (1 + Ent A= 1000 (1+0.94%) A-1049.91