For a 5-year period, determine the compound interest rate per year that is equivalent to a simple

Question:

For a 5-year period, determine the compound interest rate per year that is equivalent to a simple interest rate of 15% per year.

Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...

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