Solved: Bright star bank pays a nominal annual quoted interest rate, Finance Basics

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Bright star bank pays a nominal annual quoted interest rate

Bright Star Bank pays a nominal annual (quoted) interest rate of 6.02 percent, compounded quarterly on your savings account. Calculate the effective annual rate, or EAR (annual percentage yield)

Round the answer to two decimal places in percentage form.

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Finance Basics: Bright star bank pays a nominal annual quoted interest rate

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