A bank offers 4.00% on savings accounts. What is the effective annual rate if interest is compounded monthly? 4.00% 4.02

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answerhappygod
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A bank offers 4.00% on savings accounts. What is the effective annual rate if interest is compounded monthly? 4.00% 4.02

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A bank offers 4.00% on savings accounts. What is the effective
annual rate if interest is compounded monthly?
4.00%
4.02%
4.03%
4.06%
4.07%
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