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The Smart Bank wants to be competitive based on quoted loan rates and thus must offer loans at an annual percentage rate of 7.9 percent.

The Smart Bank wants to be competitive based on quoted loan rates and thus must offer loans at an annual percentage rate of 7.9 percent. What is the maximum rate the bank can actually can based on this quoted rate? 7.90 % 8.18 % 8.20 % 8.39% 8.22%

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