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First American Bank charges 10.6 percent compounded monthly on its business loans. First Fifth Bank charges 10.8 percent compounded semiannually. Calculate the EAR for each

First American Bank charges 10.6 percent compounded monthly on its business loans. First Fifth Bank charges 10.8 percent compounded semiannually. Calculate the EAR for each bank. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

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