Alice has a savings account that pays 6% annual interest, compounded monthly. What is the effective annual interest rate? Round your answer to 2 decimal places.
effrate=(1+.06/12)^12-1=(1+.005)^12-1=
(1.005)^12-1=1.0616778-1
=.061677*100=6.1677%, 2 decimal place would be 6.17%%0D%0A
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