Multiple Choice
The R&M Bank currently offers an investment account with an interest rate of 6% compounded monthly.R&M wants to offer customers another account with interest compounded quarterly.If R&M wants the effective rates to be equal, what interest rate should R&M quote for the second account?
A) 2.00%
B) 6.00%
C) 6.03%
D) 6.17%
Correct Answer:
Verified
Correct Answer:
Verified
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