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Assume a bank offers an effective annual rate of 7.88%. If compounding is monthly what is the APR? Answer format: Percentage Round to: 4 decimal

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Assume a bank offers an effective annual rate of 7.88%. If compounding is monthly what is the APR? Answer format: Percentage Round to: 4 decimal places (Example: 9.2434\%, \% sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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