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Bank A pays 8 (APR) percent interest, compounded quarterly, on its money market account. The manager of Bank B want the rate (APR) on its

Bank A pays 8 (APR) percent interest, compounded quarterly, on its money market account. The manager of Bank B want the rate (APR) on its money market account to equal Bank A's effective annual rate, but interest is to be compounded on a monthly basis. Calculate the two EAR's of Bank A and B, Which one is lower?

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