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A leading bank is coming up with an investment that pays 8 percent interest compounded quarterly . What is the investment's effective annual rate(EAR)? Use

A leading bank is coming up with an investment that pays 8 percent interest compounded quarterly. What is the investment's effective annual rate(EAR)? Use a financial calculator to determine the amount.

Group of answer choices

8.24%

8.16%

8.56%

8.76%

8.96%

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