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Which of the following statements is most correct? If annual compounding is used, the effective annual rate is less than the simple rate. When semiannual

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Which of the following statements is most correct? If annual compounding is used, the effective annual rate is less than the simple rate. When semiannual compounding is used, the effective annual rate would equal the simple rate. If annual compounding is used, the effective annual rate is more than the simple rate. None of the answers given is correct. If annual compounding is used, the effective annual rate equals the simple rate

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