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If the annual percentage rate (APR) is 8% and the compounding period is monthly, what is the effective annual rate (EAR)? Enter your answer as

If the annual percentage rate (APR) is 8% and the compounding period is monthly, what is the effective annual rate (EAR)? Enter your answer as a percentage. Do not include the percentage sign in your answer.

Enter your response below (rounded to 2 decimal places).

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