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6. Suppose that a loan is offered with quarterly payments and a13.36% APR. What is the loan's effective annualrate (EAR)?A. 14.21%B. 14.04%C. 13.92%D. 13.81%E. 13.65%7. Suppose that a loan is offered with monthly payments and a10.56% APR. What is the loan's effective annualrate (EAR)?A. 10.78%B. 10.85%C. 10.92%D. 11.09%E. 11.17%8. Gretchen is 30 years old and has just changed to a new job. Shehas $37,500 in the retirement plan from herformer employer. She can roll all of that money into the retirementplan of the new employer. She will alsocontribute $4,800 at the end of each year into her new employer'splan. If the rolled-over money and the newcontributions both earn an annual return of 5.85%, compoundedannually, how much should she expect tohave when she retires in 35 years?A. $792,398B. $799,885C. $810,643D. $820,912E. $839,6969. Olivia is 30 years old and has just changed to a new job. Shehas $37,500 in the retirement plan from herformer employer. She can roll all of that money into the retirementplan of the new employer. She will alsocontribute $400 at the end of each month ($4,800 per year) into hernew employer's plan. If the rolled-overmoney and the new contributions both earn an annual return of5.85%, compounded monthly, how muchshould she expect to have when she retires in 35 years?A. $860,728B. $843,576C. $839,696D. $820,912E. $810,643