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To remain competitive the banks major competitor tg bank is

MT Bank pays its clients 5% interest pa, compounded on a half-yearly basis. To remain competitive, the bank's major competitor, TG Bank is willing to match the interest rate offered by MT Bank, but interest will be compounded on a quarterly basis. What nominal rate of interest must TG Bank offer to its clients?

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Finance Basics: To remain competitive the banks major competitor tg bank is

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