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20
20.What is the effective annual rate if a bank charges you 5% compounded quarterly?
Select one:
a. 5.20%
b. 5.12%
c. 5.00%
d. 5.09%
Expert Solution
Effective Annual Rate = (1+ quarter rate)^number of quarters -1
= (1+ 0.05/4)^(1*4) - 1
= 5.09% Answer
The option D is correct.
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