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Max needs to arrange to finance for his new apartment. Bank X offers to lend him the required funds on a loan compounded monthly, and

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Max needs to arrange to finance for his new apartment. Bank X offers to lend him the required funds on a loan compounded monthly, and the quoted rate is 8.81%. Bank Y will charge 9.34% compounded quarterly. What is the absolute difference in per cent in the effective annual rate charged by the two banks? Round your response to two decimal points

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