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Credit institution RichBank and credit institution SwissBank make two different offers on their saving account options...

Credit institution RichBank and credit institution SwissBank make two different offers on their saving account options when a deposit of $10,000 is made. RichBank offers a 6% annual interest rate, compounded monthly. SwissBank, on the other hand, offers 10% annual interest rate for the first 6 months and an annual x% for the following 6 months. What does the rate x need to be when the gain with SwissBank is $100 higher than with RichBank? Assume the accounts are kept untouched throughout.

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