Multiple Choice
You could borrow $2,000 today from Bank A and repay the loan,with interest,by paying Bank A $2,125 one year from today.Or,you could borrow X dollars today from Bank B and repay the loan,with interest,by paying Bank B $2,200 two years from today.In order for the same interest rate to apply to the two loans,X =
A) $1,853.55.
B) $1,898.70.
C) $1,948.79.
D) $2,012.22.
Correct Answer:

Verified
Correct Answer:
Verified
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