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11 You are borrowing some money from your sister Atosa, and she wants to earn an effective rate of 16 percent. What annual percentage rate

11 You are borrowing some money from your sister Atosa, and she wants to earn an effective rate of 16 percent. What annual percentage rate must she charge if the loan has interest compounded monthly? (A) 13.17% (B) 14.93% 15.23% 15.41% E) 16.00%

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