Multiple Choice
The R&M Bank currently offers an investment account with an interest rate of 8% compounded semi-annually.R&M wants to offer customers another account with interest compounded monthly.If R&M wants the effective rates to be equal, what interest rate should R&M quote for the second account?
A) 7.87%
B) 8.00%
C) 8.16%
D) 24.00%
Correct Answer:
Verified
Correct Answer:
Verified
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