What is the effective annual rate for an APR of 11.40 percent compounded quarterly?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 15PROB
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What is the effective annual rate for an APR of 11.40 percent compounded quarterly?

 

MUST USE EXCEL FORMULA!!!! NOT ALGEBRAICALLY!

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