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ect 0 0.15 pts Question 4 The APR offered by a bank is 8% per year, compounded monthly. What is the APY? Enter your answer

ect 0 0.15 pts Question 4 The APR offered by a bank is 8% per year, compounded monthly. What is the APY? Enter your answer with exactly two decimal place, as in "8.00" for 8%. Do not use 8.3 Hint: What is the compounding frequency? What is given in this case? The nominal interest rate or the effective interest rate

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