First Simple Bank pays 8.6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually.

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What rate should the bank set if it wants to match First Simple Bank over an investment horizon of 9 years? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

Interest rate

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