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A bank advertises a nominal annual interest rate of 2.5% on a loan. However, interest is compounded monthly. In decimal form, what is the effective

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A bank advertises a nominal annual interest rate of 2.5% 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 of the loan? (Enter your answer in decimal form. Round to four decimal places.)

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