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On the first of the year, James invested x dollars at [#permalink]
14 Jan 2005, 10:06
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On the first of the year, James invested x dollars
at Proudstar bank in an account that yields 2% in
interest every quarter year. At the end of the
year, during which he made no additional deposits
or withdrawals, he had y dollars in the account.
If James had invested the same amount in
an account which pays interest on a yearly basis,
what must the interest rate be for James to have
y dollars at the end of the year?