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What is the Effective Annual Return (EAR) if the Annual Percentage Rate (APR) is 15% compounded monthly? Select one: a.15% b.15.7% c.16.55% d.16.08%

What is the Effective Annual Return (EAR) if the Annual Percentage Rate (APR) is 15% compounded monthly?

Select one:

a.15%

b.15.7%

c.16.55%

d.16.08%

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