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You have a savings account that pays 3.4% interest compounded semiannually, but you are considering transferring your funds into a savings account that pays 3.1%

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You have a savings account that pays 3.4% interest compounded semiannually, but you are considering transferring your funds into a savings account that pays 3.1% interest compounds monthly. Calculate the difference in the effective interest rates of the two accounts

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