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(CHAPTER 6) (a) The APR, or the annual percentage rate, for a bank's savings account is 6%. The interest compounds monthly. The effective annual rate,

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(CHAPTER 6) (a) The APR, or the annual percentage rate, for a bank's savings account is 6%. The interest compounds monthly. The effective annual rate, or the EAR, equals [Select ] (b) In general, the higher the compounding per year, the lower the EAR. This statement is [Select]

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