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What is the effective annual rate if a bank charges you 5% compounded quarterly? a. 5.20% b. 5.12% c. 5.09% d. 5.00%

What is the effective annual rate if a bank charges you 5% compounded quarterly?
a.
5.20%
b.
5.12%
c.
5.09%
d.
5.00%

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