Question: First Choice Bank pays 9% APR compounded quarterly on its business loans. National Emerald Bank pays 16% APR compounded daily. The EAR for First Choice

First Choice Bank pays 9% APR compounded quarterly on its business loans. National Emerald Bank pays 16% APR compounded daily. The EAR for First Choice and National Emerald Bank are: (Points: 3)

a. 9.31% and 17.35%, respectively

b. 9% and 17.50%, respectively

c. 9.31% and 17.50%, respectively

d. 9% and 17.35%, respectively

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