Q$1.$ You want to borrow some money from the bank to purchase a new car. The actual compound

interest that the bank charges is $8\mathrm{.}45\%$ per year for $5$ years. However, to make the calculations easier

for you in your head, the bank wants to quote a simple interest rate to you. What is the simple interest

rate for $5$ years that would make the total future amount that you must return, equal to the future amount

calculate by the compound interest rate? $(1$ mark$)$