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Aqua Bank pays 8% interest, compounded quarterly, on its money market account. The managers of Bank B want its money market account's effective annual rate

Aqua Bank pays 8% interest, compounded quarterly, on its money market account. The managers of

Bank B want its money market account's effective annual rate to equal that of Bank A, but Bank B will

compound interest on a monthly basis. What nominal, or quoted, rate must Bank B set?

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