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You have a savings account that pays 3.7% interest compounded quarterly. What is the effective rate of interest? Round to the nearest 0.01% (e.g., if

You have a savings account that pays 3.7% interest compounded quarterly. What is the effective rate of interest? Round to the nearest 0.01% (e.g., if your answer is 4.832%, record it as 4.83). Please show work.

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