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5. L. Shark is designing a new account that Says interest quarterly. They wish to pay effecuvely, a 16 % per year on this account.

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5. L. Shark is designing a new account that Says interest quarterly. They wish to pay effecuvely, a 16 % per year on this account. L. Shark desires to advertise the annual percentage rate on this new account (and not the effective rate, since their competitors state their interest on an annualized basis). What is the APR that corresponds to an effective rate of 16 % for this new account

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