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The future value of $100,000 earning a 6% nominal annual rate compounded monthly for 5 years equals $134,885.02. What nominal annual rate compounded annually would

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The future value of $100,000 earning a 6% nominal annual rate compounded monthly for 5 years equals $134,885.02. What nominal annual rate compounded annually would give you the same present value? In other words, convert the 6% nominal annual rate compounded monthly into an effective annual rate. 6.17% 6.14% 6.09% 6.00%

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