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Eric deposits 450 into a savings account at time 0, which pays interest at an annual nominal rate of i, compounded monthly. Mike deposits 600

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Eric deposits 450 into a savings account at time 0, which pays interest at an annual nominal rate of i, compounded monthly. Mike deposits 600 into a different savings account at time 0, which pays simple interest at an annual rate of i. Eric and Mike earn the same amount of interest during the last month of the 9th year. Calculate i. 3.23% 3.58% 4.01% 4.56% 5.28%

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