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An online bank is offering to pay 0.30% interest per month on deposits. Your local bank offers to pay 0.65% interest quarterly (every 3 months).

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An online bank is offering to pay 0.30% interest per month on deposits. Your local bank offers to pay 0.65% interest quarterly (every 3 months). Which is the higher interest rate? The EAR for the online bankis (Round to four decimal places.) The EAR for the local bank is (Round to four decimal places.) The offer of V % V is higher. (Select the best answer from the drop down menus.)

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