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Your bank offers a nominal interest rate of 12% p.a., compounded quarterly. Your cousin (who works at Acme Bank, a competitor) wants to know what

Your bank offers a nominal interest rate of 12% p.a., compounded quarterly. Your cousin (who works at Acme Bank, a competitor) wants to know what nominal rate of interest you would require from Acme Bank in order to switch your business to them. Interest rates at Acme Bank are compounded monthly. What is the minimum nominal interest rate that you should require from Acme Bank to make you indifferent to switching

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