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Pacific Bank pays a 5.75% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? Select the correct answer.

Pacific Bank pays a 5.75% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay?

Select the correct answer.

a. 6.25%
b. 5.55%
c. 6.60%
d. 5.20%
e. 5.90%

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