The simple interest rate per year that will accumulate the same amount of money in 2 years

Question:

The simple interest rate per year that will accumulate the same amount of money in 2 years as a compound interest rate of 20% per year is closest to:

(a) 20.5%

(b) 21%

(d ) 23%

Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...

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