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3. The simple interest rate per year that will accumulate the same amount of money in 2 years as acompound interest rate of 20% per

3. The simple interest rate per year that will accumulate the same amount of money in 2 years as acompound interest rate of 20% per year is closest to: [4]

a. 20.5%

b. 21%

c. 22%

d. 23%

e. 23.75%

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