A 20-year loan of 20,000 may be repaid under one of two methods:
(i) Amortization method with equal annual payments at an e active rate of 6.5%;
(ii) Sinking fund method in which the lender receives an e ective rate of 8% and the sinking fund earns an annual e ective rate of j.
Both methods require a payment of X at the end of the each year for 20 years. Calculate j.