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Haley wants to borrow $800,000 to finance her business. She is offered an effective annual interest rate of 8%, compounded monthly. The apparent annual (non-

Haley wants to borrow $800,000 to finance her business. She is offered an effective annual interest rate of 8%, compounded monthly. The apparent annual (non- compounded) interest is: 7.72%. 7.82% 8.00% 8.29%

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