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Principal: $17,700 Interest rate: 8% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year. (Do not round intermediate calculations. Round your final

Principal: $17,700 Interest rate: 8% 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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