Question: Question 39 x Your answer is incorrect. Try again. A bank is currently offering a savings account paying an interest rate of 8.40 percent compounded

Question 39 x Your answer is incorrect. Try again. A bank

Question 39 x Your answer is incorrect. Try again. A bank is currently offering a savings account paying an interest rate of 8.40 percent compounded quarterly. It would like to offer another account, with the same effective annual rate, but compounded monthly. What is the equivalent rate compounded monthly? (Round answer to 5 decimal places, e.g. 25.12541%.) Equivalent rate - 6.95163%

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