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If a bank pays a 6% nominal rate, with monthly compounding, on deposits, what effective annual rate does the bank pay? a.6.17% b.6.71% c.5.10% d.6.59%

If a bank pays a 6% nominal rate, with monthly compounding, on deposits, what effective annual rate does the bank pay?

a.6.17%

b.6.71%

c.5.10%

d.6.59%

e.5.91%

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