Question: question: 5 (1 point) Listen What is the monthly compounded rate that is the same as an effective rate of 6.89%? Express your final answer

question: 5 (1 point) Listen What is the monthly compounded rate that is the same as an effective rate of 6.89%? Express your final answer in percentage format, rounded to 2 decimal places. (i.e. 34.56%)

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