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Given an annual percentage rate (APR) of 12% with quarterly compounding, the equivalent interest rate for the quarter is: A. 3% B. 3.03% C. 2.87%

Given an annual percentage rate (APR) of 12% with quarterly compounding, the equivalent interest rate for the quarter is:

A. 3%

B. 3.03%

C. 2.87%

D. 12%

E. None of the Above

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