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Pacific Bank pays a 11.50% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer.

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Pacific Bank pays a 11.50\% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF\%) does the bank pay? Select the correct answer. a. 11.43% b. 12.13% c. 12.48% d. 12.83% e. 11.78%

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