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If the Wet Dog Surf Company borrows $22,000 at 5.00% and there are 1 compounding periods per year, calculate Wet Dog's Effective Annual Rate (APY)

If the Wet Dog Surf Company borrows $22,000 at 5.00% and there are 1 compounding periods per year, calculate Wet Dog's Effective Annual Rate (APY) of interest.

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