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Pacific Bank pays a 10.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer.

Pacific Bank pays a 10.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer. a. 9.47% b. 10.47% c. 10.97% d. 11.47% e. 9.97%

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