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Nick deposits his first paycheck in the bank. The annual interest rate is 10%, but interest is compounded quarterly. What is the EAR? A. 10.38%

Nick deposits his first paycheck in the bank. The annual interest rate is 10%, but interest is compounded quarterly. What is the EAR?

A. 10.38%

B. 10.00%

C. 2.50%

D. 6.14%

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