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What is the effective annual rates charged by the bank

Question: The bank offers to lend the required $1,000,000 on a loan which requires interest to be paid at the end of each quarter. The quoted rate is 10 percent, and the principal must be repaid at the end of the year. What is the effective annual rates (EFF%) charged by the bank?

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Finance Basics: What is the effective annual rates charged by the bank

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