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Zepler [3.9K]
1 year ago
15

A friend asks to borrow $55 from you and in return will pay you $58 in one year. If your bank is offering a 6% interest rate on

deposits and loans: a. How much would you have in one year if you deposited the $55 instead
Business
1 answer:
AURORKA [14]1 year ago
4 0

Answer:

$58.3

Explanation:

Interest = principal x interest x time

$55 x 0.06 x 1 = $3.3.

Amount = principal + interest

= $55 + $3.3. = $58.3

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