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A bank is quoting an interest rate of 8% p.a. compounding monthly. What is the effective annual interest rate?A bank is quoting an interest rate
A bank is quoting an interest rate of 8% p.a. compounding monthly. What is the effective annual interest rate?A bank is quoting an interest rate of 8% p.a. compounding monthly. What is the effective annual interest rate?
Select one:
A. 8.30%
B. 6.30%
C. 9.30%
D. 7.30%
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