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OpenStudy (anonymous):
Calculate the effective annual rate for an investment that earns 7% interest compounded quarterly. Round to the nearest hundredth of a percent.
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OpenStudy (tkhunny):
0.07 -- Annual Interest Rate 0.07/4 -- Quarterly Interest Rate (1 + 0.07/4)^4 -- Annual Accumulation (1 + 0.07/4)^4 - 1Effective Annual Rate
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