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please show work Suppose you lend your friend $8,248 today for the next 17 years. Your friend agrees to pay you 10.56% interest per year.
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Suppose you lend your friend $8,248 today for the next 17 years. Your friend agrees to pay you 10.56% interest per year. Each year, your friend will pay all of the interest but none of the principal (simple interest). If you withdraw the money from an account that pays 5.42% interest a year compounded monthly, how much more/less money are you earning/losing by lending the money to your friend over 17 years (that is, how much more or less money will you have at the end of year 17)? Assume the entire principal is repaid. Enter losses as a negative number and gains as a positive. Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "\$" ", or any other formatting. Carry interim computations to at least 4 decimals Step by Step Solution
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