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A bank quotes you an effective annual rate of 12% on a semi-annual investment. What is the annual percentage rate (APR, or quoted rate)? 1)

A bank quotes you an effective annual rate of 12% on a semi-annual investment. What is the annual percentage rate (APR, or quoted rate)? 1) 9.59% 2) 10.58% 3) 11.66% 4) 10.07% 5) 11.10%

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