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Quantitative Problem: Bank 1 lends funds at a nominal rate of 8% with poyments to be made semiannually. Bank 2 requires paymenta to be made

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Quantitative Problem: Bank 1 lends funds at a nominal rate of 8% with poyments to be made semiannually. Bank 2 requires paymenta to be made quarteriy, If Bank 2 would like to charge the same effective annual rate as Bank 1, whot nocminal interest rate will they charge their customers? Do not round intermediate calculabions. Round vour answer to three decimal places

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