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Bank A offers a savings account with an effective interest rate of 7.19%. Bank B wants to offer a competing account with interest compounded 24

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Bank A offers a savings account with an effective interest rate of 7.19%. Bank B wants to offer a competing account with interest compounded 24 times per year that has the same effective interest rate as Bank A. What nominal (quoted) interest rate (per annum) does Bank B have to offer? (Express your answer in percentage form rounded to three decimal places. Do not include the '%' symbol.)

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