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Problem 6-30 Simple Interest versus Compound Interest (LO3) Vanscoy Bank pays 6.5% simple interest on its investment accounts. If Vade Bank pays interest on its

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Problem 6-30 Simple Interest versus Compound Interest (LO3) Vanscoy Bank pays 6.5% simple interest on its investment accounts. If Vade Bank pays interest on its accounts compounded annually. what rate should the bank set if it wants to match Vanscoy Bank over an investment horizon of ten years? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest rate 1%

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