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3. Mortgage-backed securities (MBS) pay interest on a monthly basis. If the monthly yield of a particular MBS is .32%, its effective annualized yield is

3. Mortgage-backed securities ("MBS") pay interest on a monthly basis. If the monthly yield of a particular MBS is .32%, its effective annualized yield is closet to:

A. 3.77%

B. 3.84%

C. 3.91%

D. 3.96%

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