Question: be 23. If i A. higher than the nominal rate. B. lower than the nominal rate nterest on a savings account is compounded monthly, the

be 23. If i A. higher than the nominal rate. B. lower than the nominal rate nterest on a savings account is compounded monthly, the effective rate of interest will C. the same as the simple rate. D. equal to the nominal rate. E. None of the above

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