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You are provided an opportunity to have two different rates for a loan. One is at 5.24% nominal yearly, compounded quarterly, the other one is

You are provided an opportunity to have two different rates for a loan. One is at 5.24% nominal yearly, compounded quarterly, the other one is at 5.24% nominal yearly, compounded yearly. Determine the difference (absolute value) between the yearly effective rates (stated as a %, i.e. 5.24%) of both loans.

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