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Let's assume you open an certificate of deposit, and your Bank promises a rate of 15% APR (Annual Percent Rate). The Bank officer mentions that

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Let's assume you open an certificate of deposit, and your Bank promises a rate of 15% APR (Annual Percent Rate). The Bank officer mentions that the interest will be compounded quarterly. What is the Effective Annual Rate (EAR)? Please type the rate as percentage (i.e. 4.2 and not 0.042 ). Please do not type the % symbol

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