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A given rate is quoted as 12% APR, but has an effective annual rate (EAR) of 12.55%. What is the frequency of compounding during the

A given rate is quoted as 12% APR, but has an effective annual rate (EAR) of 12.55%. What is the frequency of compounding during the year?

a.Annually

b.Semiannually

c.Quarterly

d.Monthly

e.Daily

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