A friend asks to borrow $55 from you and in return will pay you $58 in one year. If your bank is offering a 5.5% interest rate on deposits and loans: How much would you have in one year if you...

A friend asks to borrow $55 from you and in return will pay you

$58 in one year. If your bank is offering a 5.5% interest rate on deposits and loans: How much would you have in one year if you deposited the $55

instead? How much money could you borrow today if you pay the bank

$58 in one year? Should you loan the money to your friend or deposit it in the bank?

Jun 03, 2022

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