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The Eastern Union Bank pays 7 . 5 % compounded semi - annually on certain types of deposits. If interest is compounded monthly, what nominal

The Eastern Union Bank pays

7.5 %

compounded semi

-

annually on certain types of deposits. If interest is compounded monthly, what nominal rate of interest will maintain the same effective rate of interest?

Note: Enter the decimal value. Do not type the percentage sign.

Answer:

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