You have accumulated $4,450 and are looking for the best rate of return that can be earned over the next year. A bank savings account will pay 8%. A one-year bank certificate of deposit will pay 10%, but the minimum investment is $7,450. Required: Calculate the amount of return you would earn if the $4,450 were invested for one year at 8%. Calculate the net amount of return you would earn if $3,000 were borrowed at a cost of 18%, and then $7,450 were invested for one year at 10%. Calculate the net rate of return on your investment of $4,450 if you accept the strategy of part b. (Round your answer to 2 decimal places.)
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