The effective yield is the annual rate i that will produce the same interest per year as the nominal rate compounded n times per year. For a rate that is compounded n times per year, the formula for effective yield is given as 
. Find the effective yield for a nominal rate of 9%, compounded monthly. Round your answer to two decimal places.
?
A. ?0.94%
B. ?9.62%
C. ?10.01%
D. ?1.50%
E. ?9.38%
Answer: E
Mathematics
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