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Remy's car broke down and he had to borrow money to fix it. He took out an instalment loan that has an annual percentage rate

Remy's car broke down and he had to borrow money to fix it. He took out an instalment loan that has an annual percentage rate (APR) of 8.7% and it compounds monthly. What is the effective annual interest rate? Provide your answer in percentage form rounded to two decimal places. Do not include any symbols.

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