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Savings Bank of Danbury pays a 3.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? a. 3.65%

Savings Bank of Danbury pays a 3.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? a. 3.65% b. 3.04% C. 2.37% d. 3.10% O e. 2.68%

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