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You invest $10,000 in an account. The bank quotes an annual interest rate of 3.5%, but compounds interest monthly. What is the effective interest rate

You invest $10,000 in an account. The bank quotes an annual interest rate of 3.5%, but compounds interest monthly. What is the effective interest rate on this investment?

Group of answer choices

3.50%

3.65%

3.56%

0.29%

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