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A bank advertises a nominal annual interest rate of 14.8% on a loan. However, interest is compounded monthly. In decimal form, what is the effective

A bank advertises a nominal annual interest rate of 14.8% on a loan. However, interest is compounded monthly. In decimal form, what is the effective interest rate on the loan?

In decimal form, what is the effective interest rate on the loan?

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

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