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You received some advertisement material in your mail from a local bank. The bankers you a loan of $100,000 with an APR of 5%. However, the compounding frequency is not specified. Which of the following is true? a. The EAR is at least 5%. b. The EAR cannot be higher than 5%. c. The EAR can be both lower or higher than 5%. d. The EAR must be the same as APR. e. None of the above.
Sagot :
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