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Bank A offers a savings account with an annual quoted rate of 3 % compounded 2 4 times per annum. Bank B ' s software

Bank A offers a savings account with an annual quoted rate of

3 %

compounded

24

times per annum. Bank B

'

s software is limited to semi

-

annual compounding. What quoted rate does Bank B have to offer in order to match Bank A

?

Express your answer in percentage form rounded to three decimal place.Answer is

- 3.021

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