Find the EAR in each of the following cases. HINT: Recall that the EAR and APR for the same rate result in the same amount of interest (just like measuring the distance to New York in miles versus kilometers still represents the same distance). So even though the rates are quoted differently, over the same time period they result in the same amount of interest. To solve for the EAR, then, we set the future value of the APR and EAR equal to one another after one year (principal and interest must be the same): (1 + EAR) = [1 + (APR/m)) Since you know the APR, solve for the EAR (the interest rate that, when compounded annually, gives you the same interest as the quoted APR). Required: (a) 7% annual interest, compounded quarterly (Click to select) (b) 10% annual interest, compounded monthly (Click to select) (c) 18% annual interest, compounded daily (Click to select) (d) 11% annual interest, with infinite (continuous) compounding. NOTE: here you use the natural number e, as in the equation EAR="T- 1 where T= number of years. (Click to select)