Rick deposits $1,000 into an investment account which earns 4% annually. sally loans $1,000 to a friend, and the friend agrees to pay her $50 each year, and will return the $1,000 after 10 years.
determine the amount of money each person has after 10 years.
a. rick: $1,040; sally: $1,500 b. rick: $1,453.16; sally: $1,500 c. rick: $1,534.32; sally: $2,000 d. rick: $1,480.24; sally: $1,500 i know sally earns $1, but what about rick? ?