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What is the effective annual rate if a bank charges you 8.25 percent compounded quarterly? a. 8.42% b. 8.32% c. 8.51% d. 8.91%

What is the effective annual rate if a bank charges you 8.25 percent compounded quarterly?

a. 8.42%

b. 8.32%

c. 8.51%

d. 8.91%

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