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pacific bank pays a 9.0% nominal rate on deposits, with monthly compounding. what effective annual rate (EFF%) does the bank pay? a. 9.58% b. 9.18%

pacific bank pays a 9.0% nominal rate on deposits, with monthly compounding. what effective annual rate (EFF%) does the bank pay?

a. 9.58%

b. 9.18%

c. 9.38%

d. 9.28%

e. 9.48%

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