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QUESTION 29 Suppose Community Bank offers to lend you S10.000 for one year at a nominal annual rate of 6.50%, but you must make interest

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QUESTION 29 Suppose Community Bank offers to lend you S10.000 for one year at a nominal annual rate of 6.50%, but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. What is the effective annual rate on the loan? a. 6.7396 b. 6.66% c. 7.99% d. 8.26% e. 5.39%

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