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2. Bank A has a stated rate of 6.2% on 5-year CDs with interest compounded quarterly. Bank B has a stated rate of 6.1% on

2. Bank A has a stated rate of 6.2% on 5-year CDs with interest compounded quarterly. Bank B has a stated rate of 6.1% on 5-year CDs with interest compounded monthly. Calculate the EAR for both banks.

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