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You are offered an investment with a quoted annual interest rate of 15% with monthly compounding of interest. What is your effective annual interest rate?

You are offered an investment with a quoted annual interest rate of 15% with monthly compounding of interest. What is your effective annual interest rate?

Question 6 options:

a) 15.00%

b) 15.62%

c) 16.08%

d) 16.61%

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