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A bank offers personal loans at 9.6%p.a compounding monthly. The effective annual rate of interest...

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Question

Finance

A bank offers personal loans at 9.6%p.a compounding monthly. The effective annual rate of interest (EAR) is ( to the nearest two decimal places):

a.

10.03%

b.

9.83%

c.

9.95%

d.

0.80%

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