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Principal: $16,100 Interest rate: 28% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year. (Do not round intermediate calculations. Round your final

Principal: $16,100 Interest rate: 28% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year. (Do not round intermediate calculations. Round your final answer to th nearest hundredth percent.) Answer is complete but not entirely correct. Effective rate 3.11 X %

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