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Consider the following financial producuts that both generate interest via simple interest rates per annum: x : Principle = $ 3 2 0 , Rate

Consider the following financial producuts that both generate interest via simple
interest rates per annum:
x: Principle =$320, Rate =12.4%
Y: Principle =$870, Rate =???
What interest rate should Y have to have an equal growth rate to that of
financial product x? Give answer as a decimal (i.e.12.34% should be given as
0.1234
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