A person can repay a $500, 000 loan one of two ways.

(i) By 30 equal payments at the end of each year, starting one year after the loan was made, at an effective annual interest rate of 8%.

(ii) With 30 level annual deposits (payments) to a sinking fund earning an effective annual rate 9%, starting one year after the loan was made, which will be withdrawn and used to completely pay off the loan 30 years after the loan is made. Here, the effective loan interest rate is i.

Find i so that the total annual payments for both are equal (that is, find i to make the schemes equivalent).