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A bank advertises an annual interest rate of 2.8% compounded monthly on their savings accounts. In percentage terms, what is the effective annual rate (EAR)

A bank advertises an annual interest rate of 2.8% compounded monthly on their savings accounts. In percentage terms, what is the effective annual rate (EAR) on the loan? Round to two decimal places (e.g., 5.43% --> 5.43)

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