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Marsha and Jan both invested money on March 1, 2007. Marsha invested $10,000 at Bank A where the interest was compounded quarterly. Jan invested $7,000
Marsha and Jan both invested money on March 1, 2007. Marsha invested
$10,000
at Bank A where the interest was compounded quarterly. Jan invested
$7,000
at Bank B where the interest was compounded continuously. On March 1,
2013,
Marsha had a balance of
$14,593.63
while Jan had a balance of
$9,830.56.
What was the interest rate at each bank? (Round to the nearest tenth of a percent.)
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