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Question 11 (2 points) An account pays 7% annual interest compounded monthly. What is the effective interest rate on this account? note: show your answer

Question 11 (2 points) An account pays 7% annual interest compounded monthly. What is the effective interest rate on this account? note: show your answer in percent and to two decimal points. For example, input 12.126% as 12.13 Your

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