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Suppose you can borrow money at 4.94% per year (APR) compounded semiannually or 5.37% per year (APR) compounded monthly. a. Calculate the Effective Annual Rate.

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Suppose you can borrow money at 4.94% per year (APR) compounded semiannually or 5.37\% per year (APR) compounded monthly. a. Calculate the Effective Annual Rate. (Do not round Intermediate calculations. Round your answers to 2 decimal places.) b. Which is the better deal? APR compounded monthly. APR compounded semiannually

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