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Your friend has two investment opportunities that she is considering and has asked for your advice regarding how she should proceed. One will have an
Your friend has two investment opportunities that she is considering and has asked for your advice regarding how she should proceed. One will have an 7.0% rate of return on an investment of $510; the other will have a 9.0% rate of return on an investment of $630. She would like to take advantage of the higher-yielding investment but has only $510 available. Required: What is the maximum rate of interest that your friend should be willing to pay to borrow the $120 needed to take advantage of the higher yield? Note: Do not round intermediate calculations. Round your answer to 2 decimal places
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