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Pacific Bank pays a 11.25% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer.

Pacific Bank pays a 11.25% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay?

Select the correct answer.

a. 12.55%

b. 11.50%

c. 12.20%

d. 11.85%

e. 11.15%

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