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The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to monthly compounding. If the current rate is
The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to monthly compounding. If the current rate is 5.7% compounded daily, 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 % (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
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