First Simple Bank pays 8.5 percent simple interest on its investment accounts. If First Complex Bank pays interest on it

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First Simple Bank Pays 8 5 Percent Simple Interest On Its Investment Accounts If First Complex Bank Pays Interest On It 1 (26.25 KiB) Viewed 8 times

First Simple Bank pays 8.5 percent simple interest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 10 years? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate %