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07-02-2020
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A trustworthy friend asks to borrow money from you today. She promises to pay you exactly $3500 in 2 years, and she insists on your earning the same interest rate on your loan to her as you would have earned keeping your money in your savings account that earns 2%. How much can you lend her today

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princessesther2011 princessesther2011

08-02-2020

Answer:

I can lend her $3364 today

Explanation:

A = P(1 + r)^n

A = $3500

r = 2% = 2/100 = 0.02

n = 2 years

3500 = P(1 + 0.02)^2

3500 = P(1.02)^2

P = 3500/1.0404 = $3364 (to the nearest whole number)

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