Question: Quantitative Problem: Bank 1 lends funds at a nominal rate of 7% with payments to be made semiannually. Bank 2 requires payments to be made

Quantitative Problem: Bank 1 lends funds at a nominal rate of

Quantitative Problem: Bank 1 lends funds at a nominal rate of 7% with payments to be made semiannually. 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 interest rate will they charge their customers? Do not round intermediate calculations

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