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In an investment environment, an initial outlay of $100 grows to $156 in 7 years. The quarterly compounded rate of annual interest implicit in this is:
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D. 6.73%
Answer: A
Explanation:
Explanation/Reference:
Explanation:
There are 28 quarters in 7 years. If the quarterly compounded rate is r, then we have 100*(1+r/4)
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