Interest rate
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258.81/1526.81=0.1695 or 16.95% approx. If this is a quarter of the required rate, the full rate is 67.80% approx.  But if the annual rate is 16.95%, the quarterly rate is 4.24% approx. The question doesn’t explain the meaning of /4. If this question is about interest compounded quarterly then the quarterly rate is 4%:

If $258.81 is the interest then we add this to $1526.81=$1785.62 which gives us a growth rate of 1785.62/1526.81=1.16951 approx = 1.04⁴ approx, which is a quarterly rate of 4% or 16% per annum.

by Top Rated User (660k points)

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