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Savings On January 1, 2010, Jack deposited $1000 into bank X to earn interest at a rate of j per annum compounded semiannually. On January 1, 2015, he transferred his account to bank Y to earn interest at the rate of k per annum compounded quarterly. On January 1, 2018, the balance of bank Y is $1990.76. If Jack could have earned interest at the rate of k per annum compounded quarterly from January 1, 2010, through January 1, 2018, his balance would have been $2203.76. Calculate the ratio k/j. Source: Society of Actuaries.
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Finite Mathematics (11th Edition)
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