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PLEASE SHOW WORK AND ANSWER: The First Common Bank has advertised one of its loan offerings as follows: We will lend you $100,000 for up

PLEASE SHOW WORK AND ANSWER:

The First Common Bank has advertised one of its loan offerings as follows: We will lend you $100,000 for up to 3 years at an APR of 8% with interest compounded quarterly. If you borrow $100,000 for 1 year, what is the banks EAR?

(A) 8.00% (B) 8.80% (C) 8.24% (D) 8.14%.

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