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11. Your banker quotes you a one year loan at 10.5% APR compounded annually. The effective annual rate (EAR) is: A. greater than 10.5% B.

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11. Your banker quotes you a one year loan at 10.5% APR compounded annually. The effective annual rate (EAR) is: A. greater than 10.5% B. less than 10.5% C. equal to 10.5% D. cannot be determined

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