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If Dave had borrowed $480 for one year at an APR of 6%, compounded monthly, what would have been the effective annual interest rate charged

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If Dave had borrowed $480 for one year at an APR of 6%, compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Effective annual rate of interest

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