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The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to quarterly compounding. If the current rate is

The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to quarterly compounding. If the current rate is 7.4% compounded semi-annually, what nominal rate should the treasurer suggest to the board of directors to maintain the same effective rate of interest?

The new nominal rate of interest should be ? %

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