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Bank B is offering 8.17% compounded quarterly on one of its investment products. What is the effective rate? Enter your answer rounded to 2 decimal

Bank B is offering 8.17% compounded quarterly on one of its investment products. What is the effective rate?

Enter your answer rounded to 2 decimal places, and do NOT enter any symbols such as $, % or commas. (Enter your answer as a % not a decimal, that is 15.25 not .15)

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