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Answer:

An interest rate takes two forms: nominal interest rate and effective interest rate. ... However, if compounding is more frequent than once per year, then the effective interest rate will be greater than 10%. The more often compounding occurs, the higher the effective interest rate.

Step-by-step explanation:

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(Nominal and effective interest rates) An interest rate takes two forms:nominal Interest rate and effective interest rate...However, if compounding is more frequent than once per year, then the effective interest rate will be greater than 10% The more often compounding occurs, the higher the effective interest rate.

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