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a. What is the effective annual interest rate (APY) if the annual nominal interest rate (APR) is 12% compounded monthly? b. What annual nominal interest

a. What is the effective annual interest rate (APY) if the annual nominal interest rate (APR) is 12% compounded monthly? b. What annual nominal interest rate (APR) compounded monthly equals an effective annual interest rate (APY) of 13.7%?

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