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What is the effective annual rate (EAR) of a 8.6 percent annual stated rate that is compounded semiannually? ENTER YOUR ANSWER AS A PERCENTAGE WITH

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What is the effective annual rate (EAR) of a 8.6 percent annual stated rate that is compounded semiannually? ENTER YOUR ANSWER AS A PERCENTAGE WITH TWO DECIMAL PLACES. DO NOT INCLUDE A PERCENTAGE SIGN (%). EXAMPLE (8.25)

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