1. 29. Simple interest versus compound interest [LO 6.4] First Simple Bank pays 6.4 per cent simple...

Question:

1. 29.

Simple interest versus compound interest [LO 6.4] First Simple Bank pays 6.4 per cent simple interest on its investment accounts. If 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 10 years?

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