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Charter Bank pays a 3.30% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Answer 4.05% 3.52% 3.55%

Charter Bank pays a 3.30% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Answer 4.05% 3.52% 3.55% 3.35% 4.09%

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