Question: Determine the equivalent simple interest rate for the given bank discount rate. A: 7% bank discount rate for a six-month loan. (7.25%) B: 4% bank

Determine the equivalent simple interest rate for the given bank discount rate.

A: 7% bank discount rate for a six-month loan. (7.25%)

B: 4% bank discount rate for a 2-year loan. (4.35%)

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