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First Bank of Midesto Medeque pays a 8.14% nominal rate of interest compounded weekly. What is the effective rate of interest? Enter your answer as

First Bank of Midesto Medeque pays a 8.14% nominal rate of interest compounded weekly. What is the effective rate of interest? Enter your answer as a percentage without the % sign (e.g., enter 1.25% as 1.25). (use formula Step-by-Step NOT excel)

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