Bill is a financial manager. He writes the equation A=2500(1.36)t to find out how much it will cost his company for a one-year loan of $2500 if the 36% APR is compounded only once.

Which answer shows how the equation can be rewritten to find the interest rate that would cost Bill's company the same amount if it were compounded quarterly?

A≈2500(1.0799)4t APR≈31.96%
A≈2500(1.36)4t APR≈36%
A≈2500(0.34)4t APR≈34%
A≈2500(1.0799)4t APR≈7.99%