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1. a: Assume a bank offers an effective annual rate of 6.89%. If compounding is monthly what is the APR ? b: A bank offers

1. a: Assume a bank offers an effective annual rate of 6.89%. If compounding is monthly what is the APR?

b: A bank offers 10.00% on savings accounts. What is the effective annual rate if interest is compounded semi-annually?

Please round both percentages to 4 decimal places

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