Question: Answer is 1% but I'm not sure how to solve it. Problem 22.11 A sum of $100 is placed into a fund at the beginning

Answer is 1% but I'm not sure how to solve it.

Problem 22.11 A sum of $100 is placed into a fund at the beginning of every other year for eight years. If the fund balance at the end of eight years is $520, find the rate of simple interest earned by the fund

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