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Calculate i for eric

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Problem 1: Eric deposits $100 into a savings account at time 0, which pays interest at an annual nominal rate of i , compounded semiannually. Mike deposits $200 into a different savings account at time 0, which pays simple interest at an annual rate of i. Eric and Mike earn the same amount of interest during the last 6 months of the 8th year. Calculate i.

Option 1: 9.41%

Option 2: 9.39%

Option 3: 9.33%

Option 4: 9.50%

Option 5: 9.46%

Reference no: EM132807640

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