Estimate the interest rate the bank

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Reference no: EM13185726

In 1995, Mr. McClain of Houston maild a $100 check to a descendant of Sam Houston to repay a $100 debt of his great-great-grandfather who died in 1835. A bank estimated the interest on the $100 debt from 1835 to 1995 to be $420 million. Find/estimate the interest rate the bank was using for 160 years, assuming interest is compounded annually.

Reference no: EM13185726

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