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5. The effective rate of interest associated with a 6 percent nominal rate of return when interest is compounded monthly is: a. 6.14 percent 2

5. The effective rate of interest associated with a 6 percent nominal rate of return when interest is compounded monthly is:

a. 6.14 percent 2 b. 6.17 percent c. 6.09 percent d. 6.00 percent

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