How much can you borrow today

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Problem

A. You expect to have $11,000 in one year. A bank is offering loans at 10% interest per year. How much can you borrow today? Get the instant assignment help.

B. Your cousin is currently 13 years old. She will be going to college in 5 years. Your aunt and uncle would like to have $90,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.7% per year, how much money do they need to put into the account today to ensure that they will have $90,000 in 55 years?

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