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First National Bank pays 6 . 1 % interest compounded semiannually. Second National Bank pays 6 % interest compounded monthly. a . Calculate the effective

First National Bank pays 6.1% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly.
a. Calculate the effective annual rate for each bank.
Note: Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.
\table[[,\table[[Effective],[Annual Rate]]],[First National Bank,%
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