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Caiculate the effective rate of interest for the first year, if the rate of interest is 22.2% p.a. compounded quarterly? (rounding the answer to 6

Caiculate the effective rate of interest for the first year, if the rate of interest is 22.2% p.a. compounded quarterly? (rounding the answer to 6 significant decimal figuees) a. 0.238692 b. 0.241175 c. 0.234321 d. 0.246041 e. 0.248622

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