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What will the effective annual rate be

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Reference no: EM132962906

Problem 1: If the annual percentage rate is 12 percent based on 6 percent interest charged every six months, what will the effective annual rate be?

Option 1: 12 percent

Option 2: 12.22 percent

Option 3: 12.60 percent

Option 4: 12.36 percent

Reference no: EM132962906

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