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SouthEast Bank pays 8% interest, compounded quarterly, on its money market account. The managers of Capricorn Bank want its money market account to equal SouthEast

SouthEast Bank pays 8% interest, compounded quarterly, on its money market account.

The managers of Capricorn Bank want its money market account to equal SouthEast Bank's effective annual rate, but interest is to be compounded on a monthly basis.

What nominal, or quoted, rate must Capricorn Bank set?

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