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At time t = 1, Donald puts 1000 into a fund crediting interest at an annual simple interest rate of i. At time t =

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At time t = 1, Donald puts 1000 into a fund crediting interest at an annual simple interest rate of i. At time t = 3, Lewis puts 1000 into a different fund crediting interest using an annual discount rate of 4% compounded quarterly. At time t = 7, the amounts in each fund will be equal. Calculate i. Give your answer as a percentage rounded to two decimal places (i.e. X.XX). Note: In this problem, t is representing time in years

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