What simple interest rate (in %) is equivalent to 5% compounded quarterly if money is invested for 9 years? Round your answer to 2 decimal places.

Economics Today and Tomorrow, Student Edition
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Chapter6: Saving And Investing
Section6.1: Why Save?
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if rate is asked, your input should be in percentage.

What simple interest rate (in %) is equivalent to 5% compounded quarterly if money is invested for 9 years?
Round your answer to 2 decimal places.
Transcribed Image Text:What simple interest rate (in %) is equivalent to 5% compounded quarterly if money is invested for 9 years? Round your answer to 2 decimal places.
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