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The R&M Bank currently offers an investment account with an interest rate of 8% compounded semi-annually. R&M wants to offer customers another account with interest

The R&M Bank currently offers an investment account with an interest rate of 8% compounded semi-annually. R&M wants to offer customers another account with interest compounded monthly. If R&M wants the effective rates to be equal, what interest rate should R&M quote for the second account?

7.87%

8.00%

8.16%

24.00%

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