First simple bank over investment horizon

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Reference no: EM132058269

First Simple Bank pays 8.6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually.

What rate should the bank set if it wants to match First Simple Bank over an investment horizon of 9 years? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Interest rate %

Reference no: EM132058269

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