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Karabo s father just turned 6 5 and has received his pension money from working 4 0 years at SAPS. He wants to invest his

Karabos father just turned $65$ and has received his pension money from working $40$ years at SAPS. He wants to invest his pension money. He has just seen an advertisement of GAPSA bank in which a new investment product is advertised. The product offers a nominal rate of return of $9.6 %$ per year, compounded monthly. Calculate the effective annual rate on the investment

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