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Calculate effective annual interest rate (EAR) for the following investments. A bank CD that pays 7.34 percent compounded daily (on a 365-day per year basis).

Calculate effective annual interest rate (EAR) for the following investments.

A bank CD that pays 7.34 percent compounded daily (on a 365-day per year basis). (Round answer to 2 decimal places, e.g. 15.25%.)

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