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Which of the following investments has the highest effective annual rate (EAR)? (Assume that all CDs are of equal risk.) A bank CD that pays

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Which of the following investments has the highest effective annual rate (EAR)? (Assume that all CDs are of equal risk.) A bank CD that pays 9.9% interest semiannually. A bank CD that pays 9.9% quarterly. A bank CD that pays 9.7% daily (365-day). A bank CD that pays 9.85% monthly

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