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BankNorth offers a savings account with 5% nominal interest rate. If the interest is compounded bi-monthly (i.e., twice a month), what will be the effective

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BankNorth offers a savings account with 5% nominal interest rate. If the interest is compounded bi-monthly (i.e., twice a month), what will be the effective annual rate (EAR)? (select the closest answer) (Hints: Time value analysis - Assignment 2) 2.001% 5.1216% 10.3231% 15.1216%

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