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Handley Bank advertises that its standard lending rate is 10% per annum compounding monthly. Which of the following rates is closest to an effective rate

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Handley Bank advertises that its standard lending rate is 10% per annum compounding monthly. Which of the following rates is closest to an effective rate per annum that is consistent with the Handley Bank quoted rate (to two decimal places)? 0.833% per annum compounding monthly More than one of the other options are correct 10.47% per annum compounding annually 11.57% per annum compounding annually 12.68% per annum compounding annually

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