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A security has an annual percentage rate compounded monthly of 11.00%. What is the equivalent semiannually compounded rate? Use X.XX format. Please enter your answer

A security has an annual percentage rate compounded monthly of 11.00%. What is the equivalent semiannually compounded rate? Use X.XX format. Please enter your answer as a percentage without the % sign. In other words, 1.23% should be entered as 1.23.

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