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Mr. Simpson is comparing bank rates. His current bank is only offering interest rates that are compounded monthly. What is the nominal annual rate of

Mr. Simpson is comparing bank rates. His current bank is only offering interest rates that are compounded monthly. What is the nominal annual rate of interest compounded monthly that is equivalent to the competitors rate of 5.2% compounded semi-annually?

a. 5.26% b. 0.44% c. 5.27% d. 5.14%

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