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Deon has $4000.00 invested at 4.5% compounded semi-annually at her bank. In order to make a comparison with another financial institution she needs to know the effective annual rate of interest at her bank. What is the effective annual rate of interest?
a) 9.10 %
b) 4.5 %
c) 4.55 %
d) 1.12 %
e) 2.28 %

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