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The present value of $100,000 discounted at a 8% nominal annual rate compounded quarterly for 5 years equals $67,297.13. What nominal annual rate compounded annually

The present value of $100,000 discounted at a 8% nominal annual rate compounded quarterly for 5 years equals $67,297.13. What nominal annual rate compounded annually would give you the same present value? In other words, convert the 8% nominal annual rate compounded quarterly into an effective annual rate.

Group of answer choices

8.24%

8.00%

8.14%

8.30%

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