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4. Calculate the nominal interest rate compounded monthly that is equivalent to a simple interest rate of 6% per annum over a 3-year period. A.

4. Calculate the nominal interest rate compounded monthly that is equivalent to a simple interest rate of 6% per annum over a 3-year period. A. 5.84% B. 5.53% C. 0.49% 1 D. 0.46%

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