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If a savings account has an interest rate of 1.60%, and compounds monthly, what is the APY? a. 1.60% c. 1.62% b. 1.61% d. 1.63%

If a savings account has an interest rate of 1.60%, and compounds monthly, what is the APY?

a. 1.60% c. 1.62%

b. 1.61% d. 1.63%

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