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A saving account pays interest at an interest rate of 10 % p.a. compounded quarterly. The effective annual interest rate for this credit card is

A saving account pays interest at an interest rate of 10 % p.a. compounded quarterly. The effective annual interest rate for this credit card is closest to:

a.

10.38%

b.

6.98%

c.

14.93%

d.

8.56%

e.

12.85%

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