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Your bank offers an annual nominal interest rate of 5% compounded 12 times per year. What is the effective interest rate on the account? 0.0557

Your bank offers an annual nominal interest rate of 5% compounded 12 times per year. What is the effective interest rate on the account?

0.0557

0.0557
0.05

0.05
0.621

0.621
0.0512

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