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Listen Your bank offers 3 - year certificates of deposit with a stated rate of interest of 1 3 . 1 7 % p .
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Your bank offers year certificates of deposit with a stated rate of interest of pa compounded quarterly. Your cousin who works at Acme Bank and Trust, a competitor wants to know what stated rate of interest you would require from them in order to switch your business to their bank. Acme's CDs are compounded on a monthly basis. What is the minimum stated interest rate you should ask for from Acme in order to make you indifferent to switching?
Record your answer as a percent, rounded to two decimal places, but do not include a percent sign in your answer. For example, enter as
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