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An interest rate is 7% per annum with continuous compounding. What is the equivalent rate with quarterly compounding? Choose from the following; 6.96% 7.06% 6.26%

An interest rate is 7% per annum with continuous compounding. What is the equivalent rate with quarterly compounding? Choose from the following;

6.96%

7.06%

6.26%

7.16%

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