Is this product advertised accurately

Assignment Help Financial Management

Reference no: EM131910140

You are the ethics compliance officer at the Bank of Brexit. The wizards in the financial products marketing division are selling a new student line of credit.

It is advertised as having an Effective Annual Rate of 18%.

Interest is compounded daily and the daily interest rate is quoted as .0493151%. Is this product advertised accurately?

If not, what correction is required? (Avoid rounding as much as possible)

Reference no: EM131910140

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