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. A clinic needs to finance a month's worth of accounts receivables. It receives a quote from Bank A of 12 percent compounded monthly. Calculate

. A clinic needs to finance a month's worth of accounts receivables. It receives a quote from Bank A of 12 percent compounded monthly. Calculate the effective annual rate of the loan if the clinic were to borrow from Bank A. (Write your answer as a percentage, and round out to two decimal places.)

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