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Canadian law requires interest on fixed-rate mortgages to be compounded semi-annually. With an effective annual rate of 5.65%, what is the posted annual percentage rate?

Canadian law requires interest on fixed-rate mortgages to be compounded semi-annually. With an effective annual rate of 5.65%, what is the posted annual percentage rate?

____

Undetermined

5.725%

5.572%

5.257%

Hint: Rear = [1 + Rapr/m]m -1

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