What is the effective annual rate annual percentage yield

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Reference no: EM13848208

You plan to apply for a loan from Bank of America. The nominal interest rate for this loan is 7.67 percent, compounded daily (with a 365 day per year.) What is the effective annual rate (EAR) annual percentage yield, of this loan?

Round to two decimal places in percentage form.

Reference no: EM13848208

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