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A bank offers personal loans at 11.2%p.a compounding monthly. The effective annual rate of interest (EAR) is ( to the nearest two decimal places): a.

A bank offers personal loans at 11.2%p.a compounding monthly. The effective annual rate of interest (EAR) is ( to the nearest two decimal places):

a. 11.79%

b. 11.51%

c. 11.68%

d. 0.93%

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