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A bank quotes an annual percentage rate ( APR ) on a 4 - year certificate of deposit of 7 . 2 5 0 %

A bank quotes an annual percentage rate

(

APR

)

on a

4 -

year certificate of deposit of

7.250 % .

The rate is compounded monthly. What is the effective annual return

(

EAR

)

on the CD investment? Answer in whole numbers, rounded to three decimal places.

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