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Several series of sputtered Co/Ni multilayer thin films have been investigated. The volume and interface contributions to the magnetic anisotropy were determined from magnetization measurements, and the interface anisotropy, Ki= 0.23 ± 0.03 erg/cm2, was found to support perpendicular magnetic anisotropy. The anisotropy constant, K, increased with the Au buffer layer thickness, indicating the buffer layer was crucial to the perpendicular magnetic anisotropy. The polar Kerr rotation and coercivity as a function of temperature, and room temperature magneto-optical figure of merit are presented in this paper.