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Mathematics, 20.04.2021 15:00 skyler1muir

Kay invests £1500 in an account paying 3% compound interest per year. Neil invests £1500 in an account paying r% simple interest per year.

At the end of the 5th year, Kay and Neil’s account both contain the same amount of money

Calculate r.
Give your answer correct to 1 decimal place.

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