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What is the EAR if the APR is 15% and compounding is quarterly? Select one: O a
What is the EAR if the APR is 15% and compounding is quarterly? Select one: O a. 15.87% O b. 9.31% O c. 14.22% O d. 7.19% O e. 13.6596
Expert Solution
here APR (Annual percentage rate) = 15%
number of compounding in a year t =4
EAR (Effective Annual Rate)= (1+APR/t)^t-1
= (1+15%/4)^4 -1
= 1.0375^4-1
=15.87%
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