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2) Bank A pays 9.5 percent simple interest on its investment accounts. If Bank B pays interest on its accounts compounded annually, what rate should

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2) Bank A pays 9.5 percent simple interest on its investment accounts. If Bank B pays interest on its accounts compounded annually, what rate should the bank set if it wants to match Bank A over an investment horizon of 8 years? For the same scenario, what would be the APR rate if Bank B pays interest on its accounts compounded monthly

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