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Charter Bank pays a 5.10% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? a. 6.11% b. 5.22%

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Charter Bank pays a 5.10% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF\%) does the bank pay? a. 6.11% b. 5.22% c. 4.86% d. 4.65% e. 4.59%

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