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Given a 25% APR compounded every 3 years, what is the effective annual rate? a.8.33% b.2.70% c.27.14% d. This question is incorrect. compounding has to
Given a 25% APR compounded every 3 years, what is the effective annual rate?
a.8.33%
b.2.70%
c.27.14%
d. This question is incorrect. compounding has to be over a period less than a Year, such as Monthly, Quarterly, etc.
e.20.51%
Please Why the response is e not c.
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