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You invest in a mortgage which offers an APY of 13.00%, what is the Effective Annual Rate (EAR or APR) given quarterly compounding? a. 13.65%

You invest in a mortgage which offers an APY of 13.00%, what is the Effective Annual Rate (EAR or APR) given quarterly compounding? a. 13.65% b. 113.65% c. 3.25% d. 110.07%

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