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J. Terry Bank pays a 6.75% nominal rate on deposits, with semi-annual compounding. What effective annual rate (EFF%) does the bank pay? 6.93% 6.49% 6.86%

J. Terry Bank pays a 6.75% nominal rate on deposits, with semi-annual compounding. What effective annual rate (EFF%) does the bank pay?

6.93%

6.49%

6.86%

6.10%

6.75%

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