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First National Bank charges 11.8 percent compounded monthly on its business loans. First United Bank charges 12 percent compounded semiannually. Calculate the EAR for each

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First National Bank charges 11.8 percent compounded monthly on its business loans. First United Bank charges 12 percent compounded semiannually. Calculate the EAR for each bank. Note: Do not round intermediate calculations and enter your answers as o percent rounded to 2 decimal places, e.g., 32.16

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