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Need urgent help with this problem, thank you! On January 1, 2002, Jack deposited $1000 into Bank X to earn interest at the rate of
Need urgent help with this problem, thank you!
On January 1, 2002, Jack deposited $1000 into Bank X to earn interest at the rate of j per annum compounded quarterly. On January 1, 2007, he transferred his account to Bank Y to earn interest at the rate of k per annum compounded quarterly. On January 1, 2010, the balance at Bank Y was $1220.19. If Jack could have earned interest at the rate of k per annum compounded quarterly from January 1,2002 , through January 1,2010 , his balance would have been $1488.13. Find the ratio kJ. jk= (Type an integer or decimal rounded to two decimal places as needed)Step by Step Solution
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