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5. (PS 9) A bank offers 5.00% on savings accounts. What is the effective annual rate if interest is compounded monthly? Answer format: Percentage Round

5. (PS 9)

A bank offers 5.00% on savings accounts. What is the effective annual rate if interest is compounded monthly?

Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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