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What is the effective annual rate for an APR of 12.20 percent compounded quarterly? Multiple Choice 12.26% 13.41% 12.91% 12.84% None of these is correct

What is the effective annual rate for an APR of 12.20 percent compounded quarterly? Multiple Choice 12.26% 13.41\% 12.91% 12.84% None of these is correct

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