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(3) Calculate the following effective interest rates. Note: You must show all your work to obtain your answer. No credit will be given with only

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(3) Calculate the following effective interest rates. Note: You must show all your work to obtain your answer. No credit will be given with only the answer. Answer must be accurate to 2 decimal places. Calculate the equivalent effective interest rate per month for an interest rate of 18% per year, compounded monthly. (a) Effective interest rate per month, compounded monthly

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