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Vanscoy Bank pays 6.3% simple interest on its investment accounts. If Vade Bank pays interest on its accounts compounded annually, what rate should the bank

Vanscoy Bank pays 6.3% 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 8 years? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

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