Identify the correct expression for the effective annual rate $($EAR$).$

$(1+$ Periodic rate $of$ interest$)$

$(1/$ Periodic rate of interest$)$ Number of borrowing $($interest$)$ periods in one year $-1$

$(1-$ Periodic rate of interest$)$ Number of borrowing $($interest$)$ periods in one year $-1$

$(1+$ Periodic rate $of$ interest ${)}^{\text{N}\text{u}\text{m}\text{b}\text{e}\text{r}of\text{b}\text{o}\text{r}\text{r}\text{o}\text{w}\text{i}\text{n}\text{g}(interest)\text{p}\text{e}\text{r}\text{i}\text{o}\text{d}\text{s}in\text{o}\text{n}\text{e}\text{y}\text{e}\text{a}\text{r}}+1$

$(1-$ Periodic rate $of$ interest$)$