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Find same effective interest rate

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The Piccadilly Savings and Loan offers a savings account with a quoted rate of 4?% which is compounded 4 times per year. Not to be? outdone, the Thames Embankment Bank wants to offer a competing account with daily compounding. What quoted rate does Thames have to offer in order to produce the same effective interest rate as offered by? Piccadilly? Assume a 365?-day year and express your answer in percentage form rounded to two decimal places. ? (e.g., 14.56%)

What quoted rate does Thames have to offer in order to produce the same effective interest rate as offered by? Piccadilly?

Reference no: EM132660389

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