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You are the loan officer at the local bank. A customer in good standing seeks to...

You are the loan officer at the local bank. A customer in good standing seeks to borrow money to start a business. The customer informs you that they will be able to repay the bank a lump sum of $45,000 in 3 years. What is the most you would be willing to lend this customer if the required interest rate is 15%? Assume interest compounds annually.

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jeff jeffy answered 1 year ago
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