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QUESTION
Hi, I need assistance answering there following question. Is there a formula that goes along with it?
Hi,
I need assistance answering there following question. Is there a formula that goes along with it?
Stella plans to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 15.50 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?
