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Bank A pays 8 (APR) percent interest, compounded quarterly, on its money market account. The...

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Accounting

Bank A pays 8 (APR) percent interest, compounded quarterly, on its money market account. The managers of Bank B want the rate (APR) on its money market account to equal Bank As effective annual rate, but interest is to be compounded on a monthly basis. Calculate the two EARs of Banks A and B, Which one is lower?

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