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What is the equivalent rate compounded monthly

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Reference no: EM132828289

A bank is currently offering a savings account paying an interest rate of 6.0 percent compounded quarterly. It would like to offer another account, with the same effective annual rate, but compounded monthly.

Problem 1: What is the equivalent rate compounded monthly? (Round answer to 4 decimal places, e.g. 25.1254%.)

Reference no: EM132828289

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