Solved: The entrepreneur will repay the loan with probability 092, Business Management

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The entrepreneur will repay the loan with probability 092

An entrepreneur needs a $500 loan to invest in a risky project. The entrepreneur will repay the loan with probability 0.92, and default otherwise. If the bank offers a competitive interest rate on this loan, what is the required loan repayment?

$528
$533.9
$543.5
$566.6

Can you please walk me step by step on how you got to your answer

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Business Management: The entrepreneur will repay the loan with probability 092

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Business Management: The entrepreneur will repay the loan with probability 092

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