At what value should monthly compounded interest rate be set, Financial Accounting

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At what value should monthly compounded interest rate be set

Problem

A bank has decided to set its interest rates to compound monthly on all deposits in order to give customers the same benefits as its current offering of 2.25% compounded quarterly. At what value should the monthly compounded interest rate be set?

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Financial Accounting: At what value should monthly compounded interest rate be set

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Financial Accounting: At what value should monthly compounded interest rate be set

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