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Assume a nominal rate of 7.25% and that interest is compounded quarterly. Compute the Effective Annual Rate. State as a percentage, but leave off the

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Assume a nominal rate of 7.25% and that interest is compounded quarterly. Compute the Effective Annual Rate. State as a percentage, but leave off the percent character and round to the nearest basis point. Hence 5.4321% would be written as 5.43 in order to get marked correct

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