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What is the effective annual rate if the annual percentage rate is 8% compounded quarterly? Enter your answer as a percentage rounded to two decimal

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What is the effective annual rate if the annual percentage rate is 8% compounded quarterly? Enter your answer as a percentage rounded to two decimal places. Do not include the percentage sign in your answer. Enter your answer below. Number % Click "Verify" to proceed to the next part of the question. Section Attempt 1 of 1 Verify

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