Question 9 4 pts If the nominal annual rate (NAR) is 10.99%, what is the effective annual rate (EAR or EFF%) assuming quarterly compounding? Use the following formula: EFF%= [(1 + INOM/M)M 1] where M is the number of time periods per year and Inom is the NAR in a decimal. 11.45% 10.99% 11.21% 9.31% None of the above