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Today is January 1st, 2022. Cat is a loan shark, and she offers you the following deal. She will lend you P dollars today, and in return you can either 1. Pay her 2P dollars on January 1st, 2023; or, 2. Accrue 6% interest at the end of each month. In either case, you won't be able to repay her until January 1st, 2023. Which of these schemes would you choose, and why?

Today is January 1st, 2022. Cat is a loan shark, and she offers you the following deal. She will lend you P dollars today, and in return you can either 1. Pay her 2P dollars on January 1st, 2023; or, 2. Accrue 6% interest at the end of each month. In either case, you won't be able to repay her until January 1st, 2023. Which of these schemes would you choose, and why?

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Today is January 1st, 2022. Cat is a loan shark, and she offers you the following deal. She will lend you P dollars today, and in return you can either 1. Pay her 2P dollars on January 1st, 2023; or, 2. Accrue 6% interest at the end of each month. In either case, you won't be able to repay her until January 1st, 2023. Which of these schemes would you choose, and why?
Transcribed Image Text:Today is January 1st, 2022. Cat is a loan shark, and she offers you the following deal. She will lend you P dollars today, and in return you can either 1. Pay her 2P dollars on January 1st, 2023; or, 2. Accrue 6% interest at the end of each month. In either case, you won't be able to repay her until January 1st, 2023. Which of these schemes would you choose, and why?
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