An investment firm (Firm A) pays 10% interest per annum, compounded on a quarterly basis. To...

An investment firm (Firm A) pays 10% interest per annum, compounded on a quarterly basis. To remain competitive, the investment manager of another firm (Firm B) is willing to match the interest rate offered by Firm A, but interest will be compounded on a monthly basis. What nominal rate of interest must Firm B offer to its clients?

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jeff jeffy answered 1 year ago

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