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Ms. Smith is comparing bank rates. Her current bank is only offering interest rates that are compounded monthly. What is the nominal annual rate of

Ms. Smith is comparing bank rates. Her current bank is only offering interest rates that are compounded monthly.

What is the nominal annual rate of interest compounded monthly that is equivalent to the competitors rate of 5.5% compounded semi-annually?

Select one:

a. 0.46%

b. 5.44%

c. 5.56%

d. 5.58%

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