Question: What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 8.8% and monthly compounding? (Enter your

What is the Effective Annual Rate (EAR) on a deposit account

What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 8.8% and monthly compounding? (Enter your percentage answer as a number rounded to 2 decimal places. For example: 15.25% would be entered as 15.25)

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