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An online bank is offering to pay 0.25% interest per month on deposits. Your local bank offers to pay 0.75% interest quarterly (every 3 months).

An online bank is offering to pay 0.25% interest per month on deposits. Your local bank offers to pay 0.75% interest quarterly (every 3 months). Which is the higher interest rate? The EAR for the online bank is \%. (Round to four decimal places.)

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