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Principal: $16,500 Interest rate: 6% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year. (Do not round intermediate calculations. Round your final

Principal: $16,500

Interest rate: 6%

Compounded quarterly

Calculate the effective rate (APY) of interest for 1 year. (Do not round intermediate calculations. Round your final answer to the nearest hundredth percent.)

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