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A trust company pays 3.1% compounded semiannually on its three-year GIC. For you to prefer an annually compounded GIC of the same maturity, what value

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A trust company pays 3.1% compounded semiannually on its three-year GIC. For you to prefer an annually compounded GIC of the same maturity, what value must its nominal interest rate exceed? (Do not round intermediate calculations and round your final answer to 2 decimal places.) It must exceed % compounded annually

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