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An interest rate is 13.1% per annum with semiannual compounding. What is the equivalent rate with quarterly compounding? (Round to the closest hundredths. Rates should

An interest rate is 13.1% per annum with semiannual compounding. What is the equivalent rate with quarterly compounding?

(Round to the closest hundredths. Rates should be in percentage form. E.g. 9.99%)

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