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Question 8 4 pts A bank account pays interest monthly. If the annual percentage rate is 8%, what is the effective annual rate? (Please do

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Question 8 4 pts A bank account pays interest monthly. If the annual percentage rate is 8%, what is the effective annual rate? (Please do NOT answer in %, which is not accepted by Canvas. Please answer in decimal number format. For example, if the answer is 10%. enter 0.1 in the blank.)

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