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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 7 percent,

A life insurance company offers loans to its policyholders against the cash value of their policies at a (nominal) annual interest rate of 7 percent, compounded monthly. Determine the effective annual percentage interest rate on these loans. Round your answer to two decimal places.

Please show how you would solve it in Excel, I've been stuck for a couple of hours now

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