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5 . Assume you invest $ 5 0 0 and earn 7 . 5 % compounded monthly. What is the effective annual rate? A .

5 .

Assume you invest $

500

and earn

7.5 %

compounded monthly. What is the effective annual rate? A

. 7.5 %

. 6.25 %

. 7.76 %

.

None of the choices

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