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Cody's account compounded quarterly at what annual rate?
A9.4 per cent
B4.5 per cent
C5.4 per cent
D4.9 per cent
Answer & Solution
Correct answer: B. 4.5 per cent
1. He invested $7,500 in the account.
2. The interest compounded four times a year.
3. The rate was 4.5 per cent.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
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