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Suppose United Bank offers to lend you $20,000 for one year at a nominal annual rate of 6.50%, but you must make interest payments at

Suppose United Bank offers to lend you $20,000 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 $20,000 principal amount at the end of the year. What is the effective annual rate on the loan?

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