(b) Three months before the CD was due to mature, Bill needed his CD money, so a friend agreed to lend him money and receive the value of the CD when matured. If their agreement allowed the friend to earn a 10% annual simple interest return on his loan to Bill, how much did Bill receive from his friend? (Round your answer to the nearest cent.) $ (c) What annual simple interest rate did Bill Casler end up making on his investment? Round your answer to two decimal places. %
(b) Three months before the CD was due to mature, Bill needed his CD money, so a friend agreed to lend him money and receive the value of the CD when matured. If their agreement allowed the friend to earn a 10% annual simple interest return on his loan to Bill, how much did Bill receive from his friend? (Round your answer to the nearest cent.) $ (c) What annual simple interest rate did Bill Casler end up making on his investment? Round your answer to two decimal places. %
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 26P
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please answere parts B and C.
thank you.
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