Question: The answer is supposed to be 5.841%; please explain why. The annual effective rate for an account is 6%. Find the equivalent nominal annual interest

The answer is supposed to be 5.841%; please explain why. The annual

The answer is supposed to be 5.841%; please explain why.

The annual effective rate for an account is 6%. Find the equivalent nominal annual interest rate compounded monthly. The annual effective rate for an account is 6%. Find the equivalent nominal annual interest rate compounded monthly

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