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Determine the effective rate for $1 invested for 1 year at 8.5% compounded semiannually. The effective rate is %. (Do not round until the final

Determine the effective rate for $1 invested for 1 year at 8.5% compounded semiannually. The effective rate is %. (Do not round until the final answer. Then round to the nearest thousandth as needed.)

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