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You are considering an investment that has a nominal annual interest rate of 8.94 percent, compounded semiannually. Therefore, the effective annual rate, or EAR (annual

You are considering an investment that has a nominal annual interest rate of 8.94 percent, compounded semiannually. Therefore, the effective annual rate, or EAR (annual percentage yield) is_____.

Round the answer to two decimal places in percentage form.

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