First simple bank pays 85 percent simple interest on its, Financial Management

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First simple bank pays 85 percent simple interest on its

First Simple Bank pays 8.5 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually.

Required:

What rate should the bank set if it wants to match First Simple Bank over an investment horizon of 15 years?

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Financial Management: First simple bank pays 85 percent simple interest on its

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Financial Management: First simple bank pays 85 percent simple interest on its

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