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Calculate the effective rate of interest for the first year, if the rate of interest is 16.1% p.a. compounded monthly? (rounding the answer to 6

Calculate the effective rate of interest for the first year, if the rate of interest is 16.1% p.a. compounded monthly? (rounding the answer to 6 significant decimal figures) a. 0.170984 b. 0.181523 c. 0.173428 d. 0.167480 e. 0.161616

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