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Five years ago, Kuley invested $83,700. He has earned and will earn compound interest of 6.32 percent per year. If Nabax invests $121,900 in 1
Five years ago, Kuley invested $83,700. He has earned and will earn compound interest of 6.32 percent per year. If Nabax invests $121,900 in 1 year from today and earns simple interest, then how much simple interest per year must Nabax earn to have the same amount of money in 5 years from today as Kuley will have in 5 years from today? Answer as a rate in percentage form, rounded to 2 decimal places (for example, 12.34% or 9.87%).
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