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problem: A friend has $4800 that has been saved from her part time work, plus any interest earned on it, in 6 months and has asked for your help in deciding whether to put the money in a bank savings account at 5.5 percent interest or to lend it to Judy. Jury has promises to replay $5100 after six months.

[A] Compute the interest rate received on the savings account for 6 months

[B] Compute the rate of return if the money is lent to Judy. [Give your answer to two decimals.]

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M921244

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