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(Calculating the effective annual rate) You've just received an offer from a bank for a...

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(Calculating the effective annual rate) You've just received an offer from a bank for a credit card with a quoted rate, or APR, of 15 percent compounded quarterly. What's the EAR, or effective annual rate, on the credit card? C. What's the EAR, or effective annual rate, on the credit card? 1% (Round to two decimal places.)

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