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If the quoted interest rate is 8% compounded quarterly, what is the corresponding Effective Annual Rate? Select one: 8.78% 8.89% 9.31% 8.24% None of the

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If the quoted interest rate is 8% compounded quarterly, what is the corresponding Effective Annual Rate? Select one: 8.78% 8.89% 9.31% 8.24% None of the presented responses is correct

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