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the 1 4 percent interest rate quoted on Dave's loan had been compounded monthly, what would have been the effective annual interest rate charged on

the

14

percent interest rate quoted on Dave's loan had been compounded monthly, what would have been the effective annual interest rate charged on the loan?

(

Round your answer to

2

decimal places. Omit the

" % "

)

Effective annual rate of interest

%

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