question archive Joyce lends a sum of money to her friend and expects to receive a lump sum cash return of $100,000 at the end of five years
Joyce lends a sum of money to her friend and expects to receive a lump sum cash return of $100,000 at the end of five years
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Joyce lends a sum of money to her friend and expects to receive a lump sum cash return of $100,000 at the end of five years. If she believes that a 9 percent annual return compounded quarterly is a reasonable return to earn on this loan. How much should she lend to her friend? 1. A) $17,843.09 2. B) $52,147.18 3. C) $64,081.65 4. D) $89,471.23
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