Calculating the effective annual interest rate

Reference no: EM131969466

Question: Effective annual interest rate: Cyclone Rentals borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 6.75 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131969466

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