Question
Bank A pays 8% compounded quarterly on its money market account. The managers of Bank B want the rate on its money market accoun to
Bank A pays 8% compounded quarterly on its money market account. The managers of Bank B want the rate on its money market accoun to equal Bank A's effective annual rate, but interest is to be compounded on a monthly basis. What simple, or quoted, rate must Bank B set?
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Green And Sustainable Finance
Authors: Simon Thompson
2nd Edition
1398609242, 978-1398609242
