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Molly Hamilton deposited $80,000 at Bank of America at 16% interest compounded quarterly. What is the effective rate (APY)? (Do not round intermediate calculations. Round

Molly Hamilton deposited $80,000 at Bank of America at 16% interest compounded quarterly.

What is the effective rate (APY)? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

Effective rate

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