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(4 points) a) Find the effective rate of interest for an account with a stated rate of 11% compounded monthly. State your answer as a

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(4 points) a) Find the effective rate of interest for an account with a stated rate of 11% compounded monthly. State your answer as a percent rounded to two decimal places. The effective rate of interest of this account is % . b) Find the effective rate of interest for an account with a stated rate of 8% compounded semiannually. State your answer as a percent rounded to two decimal places. The effective rate of interest of this account is %

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