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A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an effective annual rate of 4.06%, then the bank

A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an effective annual rate of 4.06%, then the bank is compounding interest:

(Hint: You can plug in your answer choices to see which ones satisfy)

Semiannually

Annually

Daily

Quarterly

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