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Find the EAR for the stated rate (APR) of 16 percent compounded monthly. (Enter your answer...

Find the EAR for the stated rate (APR) of 16 percent compounded monthly. (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)

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