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Regional Bank offers an 8% nominal annual interest rate, compounded monthly on its savings accounts. State Bank offers the same effective annual return as Regional

Regional Bank offers an 8% nominal annual interest rate, compounded monthly on its savings accounts. State Bank offers the same effective annual return as Regional Bank and interest on States savings accounts is compounded quarterly. What nominal annual rate does State Bank offer on its savings accounts?

a. 8.05%

b. 8.30%

c. 8.45%

d. 8.66%

e. 8.78%

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