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First National Bank pays 6.8% interest compounded semiannually Second National Bank pays 6 % interest compounded month a. Calculate the effective annual rate for each

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First National Bank pays 6.8% interest compounded semiannually Second National Bank pays 6 % interest compounded month a. Calculate the effective annual rate for each bank. (Do not round intermediate calculations. Enter your answers as a percer rounded to 2 decimal places.) Effective Annual Rate First National Bank Second National Bank b. Which bank offers the higher effective annual rate? First National Bank Second National Bank Prev 70110 Next >

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