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Bank Second to Last Chance offers a savings rate of 3.64% compounded 4 times per year, while Bank Last Chance offers a savings rate of

Bank Second to Last Chance offers a savings rate of 3.64% compounded 4 times per year, while Bank Last Chance offers a savings rate of 3.64% compounded annually. What is the effective annual rate of the higher offered rate? (Provide your solution as a decimal with four digits of accuracy.)

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