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What is nominal annual rate of return for a savings account

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Problem 1: Han Se Gye wants to open a savings account, and she has obtained account information from two banks. Bank A has a nominal annual rate of 9 percent, with interest compounded quarterly. Bank B offers the same effective annual rate, but it compounds interest monthly. What is the nominal annual rate of return for a savings account from Bank B?

Reference no: EM132752683

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