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A bank offers personal loans at 8.9%p.a compounding monthly. The effective annual rate of interest (EAR) is ( to the nearest two decimal places): Select

A bank offers personal loans at 8.9%p.a compounding monthly. The effective annual rate of interest (EAR) is ( to the nearest two decimal places):

Select one:

a.9.27%

b.9.10%

c.9.20%

d.0.74%

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