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If the monthly interest rate of 1.5% is approximately 18% on an annual basis, what is the exact, or effective, annual rate of interest, or

If the monthly interest rate of 1.5% is "approximately 18% on an annual basis," what is the exact, or effective, annual rate of interest, or EAR? Choose the value that is closest to the correct answer.

a.19.49%

b.19.53%

c.19.57%

d.19.61%

e.19.65%

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