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If the overnight Fed funds rate is quoted as 3.25 percent, what is the bond equivalent rate? Calculate the bond equivalent rate on Fed funds

If the overnight Fed funds rate is quoted as 3.25 percent, what is the bond equivalent rate? Calculate the bond equivalent rate on Fed funds if the quoted rate is 4.75 percent. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

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