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Annual effective interest rate

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Jacob invests $2,500 in an account at an annual effective interest rate of 6% for 20 years. Keith invests $X into an account at an annual simple interest rate of 8% for 15 years. The amount of in- terest that Jacob earns after 20 years equals the amount of interest that Keith earns after 15 years. What is X?

Reference no: EM133240123

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