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Charter Bank pays a 9.10% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? a. 9.31% b. 9.42%

Charter Bank pays a 9.10% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF\%) does the bank pay? a. 9.31% b. 9.42% c. 9.10% d. 938% e. 9.49%

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