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An account pays 12% annual interest, compounded monthly. What is the effective interest rate on this account? An account pays 12% annual interest compounded monthly.

An account pays 12% annual interest, compounded monthly. What is the effective interest rate on this account?

An account pays 12% annual interest compounded monthly. What is the effective interest rate on this account? note: show your answer in percent and to two decimal points. For example, input 12.126% as 12.13

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