Royal bank currently offers 294 compounded semi-annually on, Ask an Expert

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Royal Bank currently offers 2.94% compounded semi-annually on premium savings deposit. His friend has told him that he would earn more interest if his savings compounded more frequently. What is the nominal annual rate compounded monthly that would be equivalent to his semiannual-rate? Answer in percentage with two decimal places.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92342108

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