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In this paper, we present a new motion compensated frame rate up-conversion algorithm that uses multiframes to enhance the accuracy of motion estimation. We also develop adaptive motion vector smoothing to correct outliers in a motion vector field. In addition, stationary caption processing is carried out for removing block artifacts from stationary captions. Finally, we propose adaptive-weighted bidirectional motion compensated interpolation to reduce object blurring. In experiments using benchmark test sequences, the proposed algorithm improves the average PSNR of interpolated frames by up to 5.34 dB compared to the conventional algorithm.