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Steven has invested $16014.36 into an account which pays interest compounded monthly. He makes no withdrawals but, at the end of the first month after

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Steven has invested $16014.36 into an account which pays interest compounded monthly. He makes no withdrawals but, at the end of the first month after interest is credited to the account, he sees that the balance is $16112.91. What annual effective rate of interest is the account paying? (Give your answer as a decimal correct to four places, not a percentage.)

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