A man has $80. Bank A is offering 2.5% compounded quarterly. Bank B offers simple interest. If the amount is to be deposited for 3 years what rate of interest should Bank B offer for the two to be equivalent.
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A man has $80. Bank A is offering 2.5% compounded quarterly. Bank B offers simple interest. If the amount is to be deposited for 3 years what rate of interest should Bank B offer for the two to be equivalent.