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A borrower offers 16 per cent rate of interest with quarterly compounding. Determine the effective rate of interest. Select one: a. 3.65% b. 13.65% c.

A borrower offers 16 per cent rate of interest with quarterly compounding. Determine the effective rate of interest. Select one: a. 3.65% b. 13.65% c. Cannot be determined d. 5.55% e. 17%

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