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compounded monthly PLEASE SHOW WORK IN EXCEL A life insurance company offers loans to its policyholders against the cash value of their policies at a

image text in transcribed **compounded monthly** PLEASE SHOW WORK IN EXCEL

A life insurance company offers loans to its policyholders against the cash value of their policies at a (nominal) annual interest rate of 8 percent, compounded monthly. Determine the effective annual percentage interest rate on these loans. Round your answer to two decimal places. 8.24 %

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