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How to calculate by formula 70. suppose a bank offers to lend you for one year at a nominal annual rate of 10.25%, but you

image text in transcribedHow to calculate by formula
70. suppose a bank offers to lend you for one year at a nominal annual rate of 10.25%, but you $10,00b must make interest payments at the end of each QUARTER and then pay off the $10,000 principal -amount at the end of the year. What the effecti annual rate on the loan? a. 76% b. 63% C. 59% d. 10.65%

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