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Question 1 4 5 pts Suppose your bank charges you an annual interest rate of 8 % on your loan. If the interest is compounded

Question

14

5

pts

Suppose your bank charges you an annual interest rate of

8 %

on your loan. If the interest is compounded monthly. What is the effective annual rate

(

EAR

)

the bank is charging you on the loan

? (

Enter you answer in percentage

(

without the

%

symbol

),

round your answer to two decimal points

)

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