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An online bank is offering to pay .15% interest per month on deposits. Your local bank offers to pay .80% interest quarterly (every 3 months).

An online bank is offering to pay .15% interest per month on deposits. Your local bank offers to pay .80% interest quarterly (every 3 months). Which is the higher interest rate?

The EAR for the online bank is

The EAR for the local bank is

whose offer is higher

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