Question: Charter Bank pays a 6.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? a. 5.43% Ob.5.44% OC.

Charter Bank pays a 6.00% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? a. 5.43% Ob.5.44% OC. 5.04% Od 6.17% O e.4.74%

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