CIMB Bank pays its clients 5% interest per annum
CIMB Bank pays its clients 5% interest per annum, compounded on a semi-annual basis. To remain competitive, the bank’s major competitor, May Bank is willing to match the interest rate offered by CIMB Bank, but interest will be compounded on a quarterly basis. What nominal rate of interest must May Bank offer to its clients? (Show answer correct to four decimal points)