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Charter Bank pays a 6.90% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? 7.12% 8.83% 8.26% 7.69%

Charter Bank pays a 6.90% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF\%) does the bank pay? 7.12% 8.83% 8.26% 7.69% 5.48%

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