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QUESTION 1 You are offered a loan with an annual intereest rate of 7%. If this loan is compounded monthly (12 times a year),

QUESTION 1 You are offered a loan with an annual intereest rate of 7%. If this loan is compounded monthly (12 times a year), what is the effective annual rate (EAR) of the loan? (Please write in decimal format using 5 decimal places, for example if the answer was 4.234% please write,04234)

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