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An annual interest rate of 22% compounded quarterly. What is an effective annual rate? Select one: O a. 24.88% O b. 23.88% O c. 22.88%

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An annual interest rate of 22% compounded quarterly. What is an effective annual rate? Select one: O a. 24.88% O b. 23.88% O c. 22.88% O d. 23%

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