Question: EXCEL SOLUTION PLEASE!!!! Bank A pays 8% interest, compounded quarterly, on its money market account. The managers of Bank B want its money market accounts

EXCEL SOLUTION PLEASE!!!!

Bank A pays 8% interest, compounded quarterly, on its money market account. The managers of Bank B want its money market accounts effective annual rate to equal that of Bank A, but Bank B will compound interest on a monthly basis. What nominal, or quoted, rate must Bank B set?

Bank A's EFF% =EFFECT(0.08, 4) = 8.24%

How then to calculate Bank B's Interest rate using Excel? I understand how to plug into equation but would like to see how it is done on Excel. Thank you!

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