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If the annual percentage rate (APR) on your savings account is 16% and interest is compounded monthly, what is the effective annual rate (EAR) on

If the annual percentage rate (APR) on your savings account is 16% and interest is compounded monthly, what is the effective annual rate (EAR) on your account?Enter your result in percentage points, and round your result to two decimal places.Do not use the % sign (i.e., if the result is 12.4532%, enter it as 12.45).

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