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  3. a bank offers 4.00% on savings accounts. what is t

A bank offers 4.00% on savings accounts. What is the effective annual rate if interest...

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Finance

  1. A bank offers 4.00% on savings accounts. What is the effective annual rate if interest is compounded monthly?

    1. 4.00%

    2. 4.02%

    3. 4.03%

    4. 4.06%

    5. 4.07%

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