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Pacific Bank pays a 11.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer.

Pacific Bank pays a 11.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer. a. 11.67% b. 11.77% c. 11.57% d. 11.37% e. 11.47%

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