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KPU Bank currently offers loans at a nominal rate of 3 . 2 % compounded monthly. The monthly compounding is fiddly and too much workThe

KPU Bank currently offers loans at a nominal rate of

3.2 %

compounded monthly. The monthly compounding is fiddly and too much workThe bank wants to change to semi

-

annual compoundingWhat nominal rate should be offered to maintain the same effective rate? Answer to two decimal places

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