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You are considering three alternative investments: (a) A three-year bank CD paying7.23percent compounded quarterly. Calculate effective annual interest rate (EAR)? (Round answer to 2 decimal

You are considering three alternative investments:

(a)

A three-year bank CD paying7.23percent compounded quarterly. Calculate effective annual interest rate (EAR)?(Round answer to 2 decimal places, e.g. 15.25%.)

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