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A bank advertises a nominal annual interest rate of 10.7 % on a loan. However, interest is compounded monthly. In decimalform, what is the effective

A bank advertises a nominal annual interest rate of 10.7% on a loan. However, interest is compounded monthly. In decimalform, what is the effective interest rate on theloan?

In decimalform, what is the effective interest rate on theloan?

(Enter your answer in decimal form. Round to four decimalplaces.)

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