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Gilhart First National Bank offers an investment security with a 7 . 5 percent nominal annual return, compounded quarterly. Gilhart's competitor, Olsen Savings and Loan,

Gilhart First National Bank offers an investment security with a 7.5 percent nominal annual return, compounded quarterly. Gilhart's competitor, Olsen Savings and Loan, is offering a similar security that bears the same risk and same effective rate of return. However, Olsen's security pays interest monthly. What is the nominal annual return of the security offered by Olsen?

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