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14 First National Bank charges 16.7 percent compounded monthly on its business loans. Calculate the EAR for First National Bank. ( Enter your answer as

14

First National Bank charges 16.7 percent compounded monthly on its business loans. Calculate the EAR for First National Bank. (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)

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