What nominal annual rate will they charge their customers

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Reference no: EM13878014

Bank 1 lends funds at a nominal rate of 10% with payments to be made semiannually. Bank 2 requires payments to be made quarterly. If Bank 2 would like to charge the same effective annual rate as Bank 1, what nominal annual rate will they charge their customers? Round your answer to three decimal places.

Reference no: EM13878014

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