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The Needy Corporation borrowed $10,000 from Bank Ease. According to the terms of the loan, Needy must pay the bank $390 in interest every three

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The Needy Corporation borrowed $10,000 from Bank Ease. According to the terms of the loan, Needy must pay the bank $390 in interest every three months for the 5-year life of the loan, with the principal to be repaid at the maturity of the loan. What effective annual rate (EAR) is Needy paying? (Hint: Do not round until you get to the final step.)

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