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A bank offers 4.00% on savings accounts. What is the effective annual rate if interest is compounded monthly? 4.00% 4.02% 4.03% 4.06% 4.07%

A bank offers 4.00% on savings accounts. What is the effective annual rate if interest is compounded monthly?
1. 4.00%
2. 4.02%
3. 4.03%
4. 4.06%
5. 4.07%

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