Account A and Account B each receive a deposit at the same time. Account A earns interest at an annual effective rate of r. Account B earns simple interest at an annual rate of r. Account A's effective rate of interest for year 8 is 1.5 times Account B's effective rate for year 8. Find r. Enter your answer as a percent. r = %

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.