On the first of the year, James invested x dollars at Proudstar bank in an account that yields 2.2% in interest every quarter year. At the end of the year, during which he made no additional deposits or withdrawals, he had y dollars in the account. If James had invested the same amount in an account which pays interest on a yearly basis, what must the interest rate be for James to have y dollars at the end of the year?	Select the correct option:	A) 2.04%	B) 6.12%	C) 8%	D) 8.25%	E) 9%
If the interest were compounded annually instead of quarterly then in one year the interest would be 2.2*4= 
<gadget id="calculator">2.2*4</gadget>
<output>8.8</output>
8.8%. Now, since the interest is compounded quarterly then there would be interest earned on interest (very small amount) thus the actual interest would be a little bit more than 8.8%   Answer: 9%.
<result>E</result>
On the first of the year, James invested x dollars at Proudstar bank in an account that yields 2.2% in interest every quarter year. At the end of the year, during which he made no additional deposits or withdrawals, he had y dollars in the account. If James had invested the same amount in an account which pays interest on a yearly basis, what must the interest rate be for James to have y dollars at the end of the year?