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your bank offers to lend you $10,000 at an interest rate of 4.8% compounded quarterly. what is the effective annual rate that is equivalent to

your bank offers to lend you $10,000 at an interest rate of 4.8% compounded quarterly. what is the effective annual rate that is equivalent to this nominal rate?
4.41%
1.20%
4.67%
4.89% image text in transcribed
Your bank offers to lend you $10,000 at an interest rate of 4.8 % compounded quarterly. What is the effective annual rate that is equivalent to this nominal rate? 4.41% 1.20% 4.67% 4.89%

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