What is the effective annual rate (ear)?
a. it is the interest rate for an n-year time interval, where n may be more than one year or less than or equal to one year (a fraction).
b. it refers to the cash flows from an investment over a one-year period divided by the number of times that interest is compounded during the year.
c. it is the interest rate that would earn the same interest with annual compounding.
d. it is the ratio of the number of the annual percentage rate to the number of compounding periods per year.

Fortress international, a large conglomerate, procures a few component parts from external suppliers and also manufactures some of the key raw materials in its own subsidiaries. aside from this, the company does not solely depend on outside distributors to reach its customers. in fact, it has its own retail stores to distribute its products. in this scenario, which of the following alternatives to vertical integration is fortress international applying? a. concentric integration b. taper integration c. horizontal integration d. conglomerate integration