A well-known financial writer argues that he can earn 48 percent per year buying wine by the case. Specifically, he assumes that he will consume one $11 bottle of fine Bordeaux per week for the next 12 weeks. He can either pay $11 per week or buy a case of 12 bottles today. If he buys the case, he receives a 4 percent discount and, by doing so, earns the 48 percent. Assume he buys the wine and consumes the first bottle today. Calculate the EAR