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You invest 25,000 in an account earning simple interest of 5%. Your friend investsX in an account earning 2% compounded annually. In year t, you
You invest 25,000 in an account earning simple interest of 5%. Your friend investsX in an account earning 2% compounded annually. In year t, you and your friend earn the same annual effective interest rate. At the end of year t, the amount of money in your account is equal to the amount of money in your friends account. Determine X.
(A) 25,256 (B) 30,000 (C) 34,504 (D) 36,712 (E) 38,000
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