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You deposited $100 in a savings account 11 months ago.You currently have $107.68. What was the EAR if the bank paid interest with monthly compounding?
You deposited $100 in a savings account 11 months ago.You currently have $107.68. What was the EAR if the bank paid interest with monthly compounding?
A) 7.42%
B) 7.68%
C) 8.1%
D) 8.41%
I do not understand why the answer is D.
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