Solved: Bank a pays 8 interest compounded quarterly on your money, Finance Basics

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Bank a pays 8 interest compounded quarterly on your money

Bank A pays 8 % interest compounded quarterly on your money market account . B bank managers want the tax on this money market account is equal to the effective annual rate of bank A, but interest will be compounded monthly. What single or quoted rate should establish the bank B?

a. 7.94%
b. 7.55%
c. 7.10%
d. 7.15%

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