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First National Bank charges 13percent compounded monthly on its business loans.Calculate the EAR for First National Bank. (Enter your answer as a percentage, omit the

First National Bank charges 13percent compounded monthly on its business loans.Calculate the EAR for First National Bank.(Enter your answer as a percentage, omit the "%" sign in your response,and round your answer to 2 decimal places.For example, 0.12345 or 12.345% should be entered as 12.35.)

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