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What is the effective interest rate for an investment fund that pays 3% interest compounded monthly? (Use spreadsheet software or a financial calculator to calculate

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What is the effective interest rate for an investment fund that pays 3% interest compounded monthly? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations and round your final answer two decimal places, XX(X%) A. 3.02% B. 304% C. 3% D. 3.25%

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