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Pinder bank is offering a savings account with an 8% p.a. interest rate, compounding monthly. What is the annual effective rate for this savings

Pinder bank is offering a savings account with an 8% p.a. interest rate, compounding monthly. What is the annual effective rate for this savings account? (Round to the nearest two digits) None of the other answers are correct. 8.30% 8.05% 8.41% 9.19%

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