Multiple Choice
Solve the problem.
-A loan officer at a bank has $88,000 to lend and is required to obtain an average return of 8% per year. If he can lend at the rate of 9% or the rate of 7%, how much can he lend at the 7% rate and still meet his required return?
A) $9777.78
B) $748,000.00
C) $5500.00
D) $44,000.00
Correct Answer:
Verified
Correct Answer:
Verified
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