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For the following situations, determine the Annual Percentage Rate (APR) and the Effective Annual Rate (EAR). (Note that many financial institutions use APY (Annual Percentage

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For the following situations, determine the Annual Percentage Rate (APR) and the Effective Annual Rate (EAR). (Note that many financial institutions use APY (Annual Percentage Yield) instead of EAR.) a. $3,000 becomes $6,130.43 in four years with monthly compounding; APR = EAR b. $6,000 becomes $12,228.62 in eight years with quarterly compounding, APR = EAR = and c. Six $3,000 annual payments become $22,066.68 in six years with weekly compounding. APR = EAR =

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