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Bank a pays 5 percent interest compounded semiannually on

Bank A pays 5 percent interest, compounded semiannually, on its money market account. The managers of Bank B want its money market account to equal Bank A's effective annual rate, but interest is to be compounded monthly. What nominal, or stated, rate must Bank B set?

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Financial Management: Bank a pays 5 percent interest compounded semiannually on

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Financial Management: Bank a pays 5 percent interest compounded semiannually on

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