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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 interest compounded semiannually. Second National Bank pays 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 decimal places.
tabletableEffectiveAnnual RateFirst National Bank,
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