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Bank A pays 8% compounded quarterly on its money market account.The managers of Bank B want the rate on its money market accoun toequal Bank

Bank A pays 8% compounded quarterly on its money market account.The managers of Bank B want the rate on its money market accoun toequal Bank A's effective annual rate, but interest is to becompounded on a monthly basis. What simple, or quoted, rate mustBank B set?

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