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What is the effective annual rate of 10% compounded monthly? 1. 9.27% 2. 10.00% 3. 10.25% 4. 10.38% 5. 10.47%

What is the effective annual rate of 10% compounded monthly?

1. 9.27%

2. 10.00%

3. 10.25%

4. 10.38%

5. 10.47%

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