Marcel invests $2500 for 3 years at a rate of 1.6% per year simple interest. Jacques invests $2000 for 3 years at a rate of x% per year compound interest.
At the end of the 3 years Marcel and Jacques receive the same amount of interest.
Calculate the value of x correct to 3 significant figures.

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step-by-step explanation:

the terms of a geometric sequence can be found by beginning with the first term and multiplying by the common ratio repeatedly. a recursive formula for a geometric sequence with common ratio r is given by an=ran−1 a n = r a n − 1 for n≥2 n ≥ 2 .

step-by-step explanation: