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Question 12 If a bank pays a 3.5% nominal annual rate, with monthly compounding, on deposits, what effective annual rate does the bank pay? a.

Question 12

If a bank pays a 3.5% nominal annual rate, with monthly compounding, on deposits, what effective annual rate does the bank pay?

a. 2.02%

b. 2.53%

c. 3.04%

d. 3.56%

e. 4.07%

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