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Calculate the effective quarterly rate for a nominal interest rate of 18% per annum compounded monthly. Select one: O a. 3.86 O b. 8.24 O

Calculate the effective quarterly rate for a nominal interest rate of 18% per annum compounded monthly. Select one: O a. 3.86 O b. 8.24 O c. 1.45 d. 4.57

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