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A principal of $7,250.00 has a nominal rate of 9% compounded monthly. a. Compute the annual percentage yield (APY) for the investment. (Round your final

A principal of $7,250.00 has a nominal rate of 9% compounded monthly. a. Compute the annual percentage yield (APY) for the investment. (Round your final answer to two decimal places.) b. If the term of the investment is 8 years, calculate the effective interest rate. (Round your final answer to two decimal places.)

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