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A bank is currently offering a savings account paying an interest rate of 8.6 percent compounded quarterly. Interest is paid once per month at

A bank is currently offering a savings account paying an interest rate of 8.6 percent compounded quarterly. Interest is paid once per month at the end of each month. It would like to offer another account, with the same effective annual rate, but compounded monthly. What is the equivalent rate compounded monthly? (Round answer to 4 decimal places, e.g. 25.1254%.) Equivalent rate %

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