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A friend asks to borrow $ 51 from you and in return will pay you $ 54 in one year. If your bank is offering a 5.9 % interest rate on deposits and loans: a. How much would you have in one year if you deposited the $ 51 instead? b. How much money could you borrow today if you pay the bank $ 54 in one year? c. Should you loan the money to your friend or deposit it in the bank?

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Financial Management, Finance

Category:- Financial Management
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