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First Simple Bank pays 8.2 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. Required: What rate

First Simple Bank pays 8.2 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually.

Required:

What rate should the bank set if it wants to match First Simple Bank over an investment horizon of 12 years?

(Please show financial calculator inputs if possible)

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