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What is the effective annual return for an investment that pays 8 percent compounded monthly? a. Less than 8 percent b. This question cannot be

What is the effective annual return for an investment that pays 8 percent compounded monthly?

a. Less than 8 percent

b. This question cannot be answered without knowing the dollar amount of the investment

c. Equal to 8 percent

d. Greater than 8 percent

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