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Please show how they got 8.24 %!! What is the effective annual rate, in percent, for an investment that provides an 2 percent return quarterly?

image text in transcribedPlease show how they got 8.24 %!!

What is the effective annual rate, in percent, for an investment that provides an 2 percent return quarterly? Report your answer in percent, include the percent sign (%) in your answer, X and round to the second decimal. Selected Answer: 2.02% Correct Answer: 8.24 + 0.02 (%)

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