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Question 16 (4.5 points) A bank advertises that a 3-year certificate of deposit (CD) account pays 8.75% per year, compounded monthly. What is the effective

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Question 16 (4.5 points) A bank advertises that a 3-year certificate of deposit (CD) account pays 8.75% per year, compounded monthly. What is the effective annual rate (EAR) on this deposit? [Enter your answer rounded to two decimal places. If your answer is 3.788%, enter 3.79. Do not enter a % sign. Do not enter a percent in decimal form (e.g., don't enter 3.788% as 0.038).] Your

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