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Please give your answer as a percentage to two decimal places. 

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[[0]]%

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The quarterly interest rate is $\\var{perc}$% per quarter. There are 4 quarters in one year so the equivalent annual rate of interest can be calculated as follows:

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$r=(1+\\frac{\\var{perc}}{100})^{4}-1=\\var{apr2}-1=\\var{apr}$

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Therefore the equivalent annual rate is $\\var{perc2}$%

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A savings account earns compound interest at a rate of $\\var{perc}$% per quarter.
Calculate the annual equivalent rate of interest (AER).

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A savings account earns compound interest at 1.5% per month.
Calculate the equivalent annual rate of interest

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rebelmaths

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