Identify the correct expression for the effective annual rate (EAR).
A. (1 + Periodic rate of interest)Number of borrowing (interest) periods in one year- 1
B. (1 / Periodic rate of interest)Number of borrowing (interest) periods in one year- 1
C. (1 - Periodic rate of interest)Number of borrowing (interest) periods in one year- 1
D. (1 + Periodic rate of interest)Number of borrowing (interest) periods in one year + 1
E. (1 - Periodic rate of interest)Number of borrowing (interest) periods in one year + 1
Answer: A
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