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Cyclone rentals borrowed 15550 from a bank for three years

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Cyclone Rentals borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 8.83 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25%.) Effective Annual interest rate ______________%

Reference no: EM13606752

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