[Solved] 1. If the 16 percent interest rate quoted

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1. If the 16 percent interest rate quoted on Daves loan had been compounded monthly, what would have been the effective annual interest rate charged

1. If the 16 percent interest rate quoted on Daves loan had been compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

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