Question: MULTI STEP PROBLEM- A friend asks to borrow $46 from you and in return will pay $49 in one year. If your bank is offering

MULTI STEP PROBLEM-

A friend asks to borrow $46 from you and in return will pay $49 in one year. If your bank is offering a 5.8% interest rate on deposits and loans:

A) How much would you have in one year if you deposited $46 instead? (Round to the nearest cent)

B) How much money could you borrow today if you pay the bank $49 in one year? (Round to the nearest cent)

C) Should you loan the money to your friend or deposit it in the bank?

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