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There are many results on stability of various forms of functional equations available in the theory of functional equations. The intention of this paper is to introduce an advanced and a new multi-dimensional reciprocal-quadratic functional equation involving $p>1$ variables. It is interesting to note that it has two different solutions, namely, quadratic and multiplicative inverse quadratic functions. We solve its various stability problems in the setting of non-zero real numbers and non-Archimedean fields via fixed point approach.