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Find the rate of which a sum of money will 81/16 times itself in one year, if the interest is compounded quarterly.

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Find the rate of which a sum of money will 81/16 times itself in one year, if the interest is compounded quarterly.

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Best answer

Let R% yearly be the rate of interest.

Then quarterly rate of interest = R/4 %

1 year = 4 quarters

According to question,

Hence, the required rate of interest is 200% p.a.

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