Solve the problem.Find the effective rate if the nominal rate is 10.0% and interest is compounded monthly. (If r is the nominal rate and n is the number of times interest is compounded annually, then R =  n - 1 is the effective rate.) Round to the nearest hundredth of a percent.

A. R = 10.72%
B. R = 10.97%
C. R = 10.22%
D. R = 10.47%


Answer: D

Mathematics

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