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Your brother Sam is lending you some money, and the loan has interest compounded monthly. If Sam wants to earn an effective rate of 16

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Your brother Sam is lending you some money, and the loan has interest compounded monthly. If Sam wants to earn an effective rate of 16 percent, what annual percentage rate must they charge? 4.94 percent 14.93 percent O 17.23 percent 17.52 percent O None of the above is correct

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