You deposit P dollars into an account that earns a nominal rate of i compounded semiannually. At the same time, you deposit 1.6P dollars into an account that earns simple interest at an annual rate of i. If both deposits earn the same amount of interest in the last 6 months of year 9, what is i? Just Save Problem #7 Your Answer: Your Mark: Answer as a percentage, correct to 2 decimals. Submit Problem #7 for Grading Attempt #1 Attempt #2 Attempt #3 Attempt #4 Attempt #5

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Q: nearest

A: Please refer to the image below

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A: To model the situation described, we can use the compound interest formula. The equation that should…