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4.8 a. First Simple Bank pays 4 percent simple interest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually,

4.8 a. First Simple Bank pays 4 percent 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 20 years? b. If you borrow $5,000 at 12% and make annual payments of $1,095.59, how long will it take you to pay it back?

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