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IMB Bank offers a holiday loan that will require you to pay 4% per annum with quarterly compounding. Which of the following is the closest

IMB Bank offers a holiday loan that will require you to pay 4% per annum with quarterly compounding. Which of the following is the closest to the effective annual rate charged by the bank? (round to 2 d.p.) a. 4.06% b. 3.02% c. 3.04% d. 4.08%

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