Question: What is theoretically the highest possible EAR given an APR of 31%? Hint: Think about compounding/discounting periods in time value of money; when you compound/discount

What is theoretically the highest possible EAR given an APR of 31%? Hint: Think about compounding/discounting periods in time value of money; when you compound/discount more times during a year, does it increase or decrease the EAR? Note: Show your answer in units of percents, use plain numbers with at least two digits after the decimal (eg, for 12.34%, type 12.34)

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