Question: Problem 3 : Loan Sharks You have received a post - dated check of $ 1 0 , 0 0 0 that is payable in

Problem 3: Loan Sharks
You have received a post-dated check of $10,000 that is payable in 2 years for a project you completed in the Fall. Unfortunately, you need the money right now, so you visit your local loan shark, who is happy to cash-advance your check for the friendly discount rate of either 25% with annual compounding or 24% with monthly compounding.
How much would you get with the first option?
How much would you get with the second option?
Which option should you choose?
Problem 3: Loan Sharks You have received a post-dated check of

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