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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. 12.85%

b. 14.93%

c. 10.38%

d .6.98%

e. 8.56%

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