Question
Two years ago, XZY deposited $420 in an account that has earned and will earn 13.00 percent per year in compound interest. If BAC deposits
Two years ago, XZY deposited $420 in an account that has earned and will earn 13.00 percent per year in compound interest. If BAC deposits $510 in an account in 1 year from today that earns simple interest, then how much simple interest per year must BAC earn to have the same amount of money in 11 years from today as XZY will have in 11 years from today? Answer as an annual rate.
21.59% (plus or minus .05 percentage points)
32.10% (plus or minus .05 percentage points)
19.63% (plus or minus .05 percentage points)
30.34% (plus or minus .05 percentage points)
None of the above is within .05 percentage points of the correct answer
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