The EAR is about 6.09% if the APR is 6.01% and compounding is monthly.

Name: The EAR is about 6.09% if the APR is 6.01% and compounding is monthly.
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Quizplus · Accepted Answer

The Effective Annual Rate (EAR) is calculated using the formula: EAR = (1 + APR/n)^n - 1, where n is the number of compounding periods per year. For a 6.01% APR compounded monthly, the EAR would be approximately 6.17%, not 6.09%.

The EAR Is About 6