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Can you please provide the explanation, formula and correct answer for the problem above? Bank A pays 15% interest, compounded monthly, on its money market

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Can you please provide the explanation, formula and correct answer for the problem above?

Bank A pays 15% interest, compounded monthly, on its money market account. What is the effective annual rate? Select one: a. 14.88% b. 11.26% c. 17.75% d. 15.12% e. 16.08%

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