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A life insurance company offers loans to its policyholders against the cash value of their policies at a (nominal) annual interest rate of 9 percent,

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A life insurance company offers loans to its policyholders against the cash value of their policies at a (nominal) annual interest rate of 9 percent, compounded semiannually. Determine the effective annual percentage interest rate on these loans. Round your answer to two decimal places. %

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