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Converting i into effective annual rate: i=(1+Effective Annual Rate)^1/12 - 1 0.0229= (1+Effective Annual Rate)^1/12 -1 Effective Annual Rate= 0.312194289 Answer: 31.22% I don't get

Converting i into effective annual rate:

i=(1+Effective Annual Rate)^1/12 - 1

0.0229= (1+Effective Annual Rate)^1/12 -1

Effective Annual Rate= 0.312194289

Answer: 31.22%

I don't get the same solution! Can someone explane this formula or calculation?

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