A well-known financial writer argues that he can earn 148 percent per year buying wine by the case. Specifically, he ass

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A well-known financial writer argues that he can earn 148percent per year buying wine by the case. Specifically, heassumes that he will consume one $10 bottle of fine Bordeaux perweek for the next 12 weeks. He can either pay $10 per week or buy acase of 12 bottles today. If he buys the case, he receives a 9percent discount and, by doing so, earns the 148 percent. Assume hebuys the wine and consumes the first bottle today. What is theEAR of this deal. (Do not round intermediatecalculations and enter your answer as a percent rounded to 2decimal places, e.g., 32.16.)