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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%
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