Quantitative problem bank 1 lends funds at a nominal rate, Financial Management

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Quantitative problem bank 1 lends funds at a nominal rate

Quantitative Problem: Bank 1 lends funds at a nominal rate of 8% with payments to be made semi-annually. Bank 2 requires payments to be made quarterly. If Bank 2 would like to charge the same effective annual rate as Bank 1, what nominal annual rate will they charge their customers? Round your answer to three decimal places. Do not round intermediate calculations.

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Financial Management: Quantitative problem bank 1 lends funds at a nominal rate

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