TASC General Mathematics Level 3 Practice Questions - Tasmanian Assessment, Standards And Certification General Mathematics Level 3 (MTG315123) Exam

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A bank offers a nominal interest rate of 7.2% per annum compounded monthly. What is the effective annual interest rate (EAR) rounded to two decimal places?

7.20% 7.44% 7.52% 7.68%

Correct Answer:

7.44%

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