Question: A friend has $ 9 5 0 that he has saved from his part - time job. He will need his money, plus any interest

A friend has $950 that he has saved from his part-time job. He will need his money, plus any
interest earned on it, in six months and has asked for your help in deciding whether to put the
money in a bank savings account at 2.30% interest or to lend it to Victor. Victor has promised
to repay $979 after six months.
Required:
a. Calculate the interest earned on the savings account for six months.
Note: Round your answer to 2 decimal places.
b. Calculate the annual rate of return if the money is lent to Victor.
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
c. Which alternative would you recommend?
 A friend has $950 that he has saved from his part-time

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