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2 answers:
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Answer:
52.85 / 50.14 / yes
Explanation:
the key to answer this question is to understand the logic of present values / future values:
where FV is future value, PV is the present value, i is the periodic interest rate and n is the number of periods. So applying to this particular problem we have:
a. if we deposit today 50, we are been asked to calculate the future value, so:
b.if we want to have 53 in one year, we are been asked to calculate a present value:
c. is clear that is better to borrow to the friend because in one year he will pay more than bank