Question: A bank pays 5 . 4 % compounded semi - annually on certain types of deposits. If interest is compounded monthly, what nominal rate of

A bank pays

5.4 %

compounded semi

-

annually on certain types of deposits. If interest is compounded monthly, what nominal rate of interest will maintain the same effective rate of interest?

The nominal rate of interest is

% .

(

Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.

)

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