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What is the effective annual rate of interest if $1100.00 grows to $1600.00 in five years compounded monthly? The effective annual rate of interest as

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What is the effective annual rate of interest if $1100.00 grows to $1600.00 in five years compounded monthly? The effective annual rate of interest as a percent is %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

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