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correct answer Question 7 of What is the effective annual rate of interest if $1200.00 grows to $1600,00 in five years compounded monthly? The effective

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Question 7 of What is the effective annual rate of interest if $1200.00 grows to $1600,00 in five years compounded monthly? The effective annual rate of interest as a percent is (Round the final answer to four decimal places as needed Round all intermediate values to six decimal places as needed)

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