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Northwest Regional Bank offers a 1 6 % nominal annual interest rate, compounded monthly on its savings accounts. Grand Union National Bank offers the same

Northwest Regional Bank offers a

16 %

nominal annual interest rate, compounded monthly on its savings accounts. Grand Union National Bank offers the same effective annual return as Northwest Regional Bank, but interest on Grand Union National

s savings accounts is compounded quarterly. What nominal annual rate does Grand Union National Bank offer on its savings accounts?

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