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Eric is planning to save $47.17 every month for 4 years. He plans to make his first savings contribution in 1 month from today.

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Eric is planning to save $47.17 every month for 4 years. He plans to make his first savings contribution in 1 month from today. If he currently has $901.00 saved and expects to have $3,981.10 in 4 years from today, then what is the EAR that he expects to earn?

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