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You are going to borrow some money from the BANKERS, Co. They charge an APR of 10.77 percent compounded quarterly on their loans. What is

You are going to borrow some money from the BANKERS, Co. They charge an APR of 10.77 percent compounded quarterly on their loans. What is the effective annual rate (EAR) of this loan?

Multiple Choice

12.21%

11.21%

10.77%

23.92%

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