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An investment promises to quadruple your money in four years. If the interest is compounded monthly, what effective annual rate would you earn? (Hint: Calculate

An investment promises to quadruple your money in four years. If the interest is compounded monthly, what effective annual rate would you earn? (Hint: Calculate the monthly rate and convert that to the effective annual rate, EAR.)

A. 31.95%

B. 21.90%

C. 16.65%

D. 18.92%

E. 25.99%

F. 41.42%

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